KSI Acquires Woodside Manor in Silver Spring

SILVER SPRING, MD- KSI Services of Vienna, VA, has acquired Woodside Manor, a 220-unit apartment community here. The acquisition price was not disclosed. However, KSI did say it would invest as much as $20 million to renovate the units. Some units will be ready for occupancy in late 2001, and the entire community will be renovated by October 2002.

In a statement, KSI President Richard Hausler said, “The purchase of Woodside is part of KSI’s strategy to acquire and improve older apartment communities in Montgomery County, which have pedestrian access to Metro.” The company has previously acquired and renovated three other apartment communities in the county: Bethesda Commons in Bethesda, MD, Fallswood Commons in Rockville, MD and Lakewood Commons in Germantown, MD. All three communities are Metro accessible.

The purchase is also a part of KSI’s affordable housing program, called Smart Living Communities. In August, KSI completed a $17 million renovation of Columbia Commons in Arlington County, VA.