GoodHomes Acquires Hotel Silver Spring At 8727 Colesville Road For $10 Million

The asset involved in this transaction is a hotel situated at 8727 Colesville Road in Silver Spring, MD. GoodHomes acquired the former Hotel Silver Spring for a total price of $10 million. The buyer aims to redevelop the property into a multifamily building featuring 227 residential units, 114 of which will be designated as affordable housing.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $10,000,000
• Address: 8727 Colesville Road
• Market: Silver Spring, MD
• Buyer: GoodHomes

This transaction marks a significant shift for the site as it transitions from a hotel usage to a multifamily residential project. The redevelopment plans reflect GoodHomes' strategy to address housing demands in the area.