Gaithersburg, Maryland – (September 5, 2018) HH Venture LP, a Maryland limited Partnership led by MRK Partners and operated by a Maryland native, recently purchased the Hyatt House Hotel located at 200 Skidmore Blvd in Gaithersburg, Maryland, and transformed the former hotel into a resort-style senior apartment community comprised of 140 one and two-bedroom apartment homes. These brand new apartment homes featuring fully-equipped kitchens, designer shaker-style cabinets, spa-inspired bathrooms, along with a wide array of resort-class. Virginia Beach-based property management company, The Franklin Johnston Group, was awarded the management agreement by MRK Partners to oversee the 140-unit community.
HH Venture LP worked with the City to rezone the property from an extended stay hotel into a redefined senior apartment community. Now branded as Hillside Senior Apartments, this new community has already welcomed over a dozen new residents ages 62 and greater. With Montgomery County housing costs rising, Hillside provides premium quality at an affordable monthly rental rate. The location of this community aids seniors that have historically needed to commute to the city to visit loved ones, and that otherwise may have been priced out of living in the region.
Designed to appeal to the active senior, Hillside Senior Apartments gives residents the opportunity to minimize the responsibilities that come with a large home while maximizing the time they spend doing what they love. The community sits on a scenic hill in Gaithersburg, Maryland surrounded by a park-like setting. Meandering walking paths surround the interior courtyard and the community has an adjoining park for residents to enjoy.
An all-inclusive amenities package includes a resort-style swimming pool with expansive sundeck, hot tub, outdoor fire pit with lounge seating, outdoor lounge with gas grilling, state-of-the-art fitness center and exercise studio, arts and crafts rooms, media lounge, and executive conference room and business center. Residents also have access to mass transit and entertainment throughout the Washington, D.C. metro area. A full calendar of daily, weekly, and monthly activities hosted by a trusted onsite management team keep residents active and their minds sharp. Elevators strategically installed throughout the community provide added convenience to ensure ease of access.
“We are extremely pleased to have worked together with the County and City and our strategic investment partners to provide a redefined senior apartment community to the deserving residents of Gaithersburg, who otherwise may be priced out of the local market,” said Sydne Garchik, Founder & Principal of MRK Partners.
“At The Franklin Johnston Group, we prioritize resident satisfaction and attribute our success to the level of service and attention to detail provided to both our valued residents and strategic partners. We are honored to support this incredible transformation and continue growing our valuable relationship with MRK,” said Chris Beckwith-Taylor, Vice President of Marketing for The Franklin Johnston Group. “The property’s extensive renovation and exceptional programs will redefine senior living providing quality apartment living to seniors with moderate incomes.”
To learn more about the exciting options Hillside Senior Apartments has to offer, please call 301-869-0255 or visit the community’s website at https://hillsideseniorlivingapts.com
About MRK Partners
MRK PARTNERS INC (MRK) is a privately held real estate investment and asset management company specializing in the acquisition, repositioning, and preservation of affordable housing. MRK’s portfolio currently consists of projects located throughout California, Michigan, Florida, Maryland, and Virginia. In building its portfolio, MRK seeks to diversify across core, value-add, and opportunistic assets.
About the Franklin Johnston Group
Based in Virginia Beach, The Franklin Johnston Group develops and manages luxury, senior and affordable housing for themselves and a select group of strategic partners. The group has more than 14,000 units and 85 properties under management in seven states along the east coast. Total assets managed by the group exceed $1.8 billion with an additional $200M worth of development currently underway. For more information about The Franklin Johnston Group, visit www.thefranklinjohnstongroup.com.