Apartment Building On D.C.-Maryland Border Sells For $46M
A 1970s-era apartment building on the Prince George's County side of the D.C.-Maryland border has just traded hands.
Orlo sold the 283-unit Ashton Heights building at 3901 Suitland Road to Los Angeles-based Strategic Realty Holdings for $45.8M, Transwestern Commercial Services announced Tuesday.
Transwestern's Mid-Atlantic Multifamily Group of Robin Williams, Dean Sigmon, Justin Shay and Michael D'Amelio represented Laurel-based Orlo in the deal. The sale pencils out to $162K/unit.
The property sits at the intersection of Suitland Road and Southern Avenue, which represents the border between D.C. and Maryland. It is about a mile from the Naylor Road Metro station.
The building, constructed in the 1970s, currently has 96% occupancy. The combination of low vacancy and strong rent growth in southern Prince George's County has made it attractive to investors, Williams said.
"This particular area is becoming increasingly popular and seeing growing demand," Williams said in a release. He added that his team has brokered the sale of over 2,000 units in Prince George's County in the last year for $260M, and it has another $145M of deals in the works.
