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750,000-SF Apartment Village Commands $90M

COLLEGE PARK, MD-The 983-unit, 750,000-sf apartment complex Seven Springs Village sells to a joint venture for a whopping $90 million. The deal's broker cites the area's tight market as one of the reasons Seven Springs fetched such a large amount.

By Barbra Murray | Updated on June 19, 2002

COLLEGE PARK, MD-Seven Springs Village, a 983-unit, multi-structure apartment community, gets a new owner with Ross Development & Investment and GMAC Commercial Mortgage’s $90 million acquisition of the complex from LaValle Property Associates. Ideal Realty Group represented both buyer and seller in the deal, which was a negotiated transaction; the property had not been on the market.

Located in the well-traveled Montgomery County area off the Washington DC Beltway and Route 1, Seven Springs sits on 33 acres on Cherry Hill Road and consists of three mid-rise structures and several garden-style apartments. The complex, which accounts for a total of 750,000 sf, also offers retail space, as well as a community meeting building. Developers, a prominent Maryland family, built the complex in the 1960′s. LaValle acquired the apartments in 1986 from John Hancock, according to county records.

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