Once known as the Stevenson Apartments, Park Place was completed in 1971 and underwent an upgrade in 1986; the new owner is now planning to initiate a modest renovation program. The property, which has amenities such as a playground and swimming pool, sits on a 9.3-acre parcel at 5802 Annapolis Rd., just off I-295 in Prince George's County. Ideal Realty Group brokered the transaction, while Ventura Commercial Mortgage facilitated financing for the purchase through Deutsche Bank.

"For the past 10 to 20 years, Fairfax and Montgomery have been the darling counties of the Washington metro area," says Ideal Realty president Allen Manesh. "While these counties are still good investments, the best values for the multifamily market are in Prince George's County." He attributes this to growing populations, increasing demographics and steady job growth, adding that the buyer was able to secure the deal because he offered no contingencies and moved quickly.