113
SILVER SPRING, MD. — AREA Property Partners has acquired Fairland Gardens, a 400-unit apartment community in Silver Spring. Currently 96 percent occupied, the property offers one- and two-bedroom units, a clubhouse, a swimming pool, a basketball court, and grilling and picnic areas. AREA was selected Bethesda, Md.-based Realty Management Services, an affiliate of ROSS Companies, to manage the property. Additionally, AREA plans to renew the property's Housing Assistance Payments contract, which affects 25 percent of the units. The seller and acquisition price were not released.