A Gaithersburg hotel is being converted into affordable senior housing

A Gaithersburg hotel is in the process of being converted into an apartment community for senior citizens.

HH Venture LP, a Maryland limited partnership led by El Segundo, California-based real estate investment firm MRK Partners, purchased the Hyatt House Hotel in Gaithersburg last fall for $19 million and is converting the 140 rooms into apartment units designed to be affordable for senior citizens.

Now called Hillside Senior Living at 220 Skidmore Blvd., the property currently has about 25 residents, said Chris Beckwith-Taylor, vice president of marketing for property manager Franklin Johnston Group. He says they anticipate all 140 units to be constructed and filled by November. The renovation costs are more than $6.5 million.

“Montgomery County is one of the wealthiest counties in country but there was such an extreme need for affordable housing,” Beckwith-Taylor said.

Mike Muldowney, executive vice president at real estate investment firm CBRE, consulted in evaluating the market…

Read the full story from the Washington Business Journal.