Five-Property Maryland Portfolio Sells For $328M
Federal Capital Partners just closed the largest DC-area multifamily sale of 2016.
The investment firm sold a five-property Maryland portfolio, totaling 2,490 units for $328M. A JV of Quest Management and BDMG acquired the properties, a source tells Bisnow.
The properties include the 466-unit Cambridge Apartments in New Carrollton, the 760-unit Cypress Creek in Hyattsville (above), the 598-unit Penn Landing in Forestville, the 424-unit Summerlyn Place in Laurel and the 242-unit Toledo Plaza in Hyattsville.
CBRE EVP Mike Muldowney, who marketed the portfolio on behalf of FCP, says he got multiple offers on individual properties and the entire portfolio.
"We're happy we were able to get things lined up before the election to have a nice smooth closing," Mike tells Bisnow.
One of the main selling points for the properties, Mike says, is they are all near major development sites or employment centers. The Cambridge Apartments are just steps from the New Carrollton Metro station, where Forest City and Urban Atlantic have plans for a 2.7M SF project. The Penn Landing apartments are a short drive from MGM National Harbor, which opened today. The Cypress Creek and Toledo Plaza sites are near the West Hyattsvile and Prince George's Plaza Metro stations, which both have development happening around them. The Summerlyn Place property is a short drive from the NSA in Ft. Meade.
While this is the largest DC-area sale of the year, StonebridgeCarras still boasts the most expensive sale, per unit, with its $207M, $520k/unit disposition of 8300 Wisconsin Ave in Bethesda.
One of the buyers, Baltimore-based BDMG, made another big purchase in June with the $82.3M acquisition of a 591-unit Greenbelt apartment complex.
