Offering
The Blairs represents an extraordinary one-of-a kind opportunity to acquire a well established 27-acre urban mixed-use community with additional by right development potential located in downtown Silver Spring, Maryland at the metro. The complex also includes a retail center anchored by Giant and CVS, restaurants and shops and an office building, forming a dynamic urban town center in itself. Developed by the Tower Companies in the 1960s and renovated between 1995 and 2003, this is the first time that this remarkable real estate is available for sale.

Grand Scale Community

• Premier 27-acre value-added mixed-use community located in the “new downtown” in Silver Spring, Maryland
• Comprised of 1,397 apartment units within 5 unique residences (including the award winning Blair Towns) a retail shopping center and an office building
• Outstanding location at Silver Spring Metro’s Red Line (direct line to Union Station, Downtown DC and Washington universities) and the proposed Purple Line connecting to Bethesda.
• Urban lifestyle and smart growth community focused on the environment
• Adjacent to beautiful Rock Creek Park, recreational activities and bike paths; high-rises offers splendid views of DC and the National Cathedral
• Prime opportunity to capitalize on strengthening rental market with significant upside through continued unit and common area improvements
• $30 MM in capital improvement invested over the last 5 years
• 95% current occupancy rate for apartments

• Olympic size swimming pool
• Playground
• Three fitness centers
• 24-hour concierge service
• Landscaped grounds
• Retail shops, restaurants and grocery store
• Flexcar
• 1,878 Parking Spaces

www.blairapartments.com

New Downtown Silver Spring

• Silver Spring is the fastest growing commercial center in the Washington Metro area. The revitalization of downtown Silver Spring began in 2004 and was spurred by the relocation of the world headquarters of Discovery Communications and NOAA and AFI Theater’s east coast presence.
  
• The Downtown Silver Spring shopping district features an eclectic mix of entertainment (including the recent announcement of the nationally renowned Birchmere Music Hall), restaurants, retail, offices, hotels and parking facilities
• Anchored by WholeFoods Market, Border Books, Consolidated Theater and with restaurants including Panera Bread, Macaroni Grill, Lebanese Taverna Café, Eggspectations, Austin Grill, Potbelly Sandwich Works and Redrock Canyon Grill, Downtown Silver Spring is in a league of its own
• Excellent mass transit service from Metro, Amtrak, MARC commuter rail and Ride-On. Conveniently located on the Red Line and the future proposed Purple Line
• The Blairs’ unparallelled and advantageous location in downtown Silver Spring ensures that it is well positioned to benefit from the increasing demands of smart growth which enhances the quality of life

Strong Market Fundamentals

• The Washington Metro area continues to boast of a solid job market with low unemployment rate of 3%
• The stabilized apartment vacancy rate for the region is 3.4% and remains 58% lower than the national average of 5.9%
• Suburban Maryland rents for high-rises have grown at 3.8% per year with greater increases anticipated over the next few years
• Current in-place rents at The Blairs are $1.47 psf, 30% below market providing an investor with tremendous upside potential

• Silver Spring population is 220,745 within a 3-mile radius and is projected to increase between 6-8% per year
• 60% of population over 25 years of age hold a bachelor’s degrees or higher
• Median household income as of 2006 was $85,955 within a 5-mile radius, one of the most affluent counties in the US