Six-Structure Multifamily Property Sells for $12M

FORT WASHINGTON, MD-In a deal valued at $12 million, ownership of the River Pointe apartment community has changed hands. Relying on the assistance of real estate services firm CB Richard Ellis, a partnership involving the Bozzuto Group and Fannie Mae Corp. have sold the 170-unit property to Boone Properties. River Pointe was built on a nine-acre parcel back in 1968 and has since undergone renovations to maintain its luster. The joint venture submitted the six-building property to a major makeover between 2000 and 2002, leaving it in “turnkey” condition. River Pointe is located in the heart of a growing area of Southern Prince George’s County. The property fronts Route 210 just south of the National Harbor, a project that will bring several million sf of mixed-use development and many new jobs to the Maryland shores of the Potomac River, says CB Richard Ellis vice president Mike Muldowney.