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LAUREL, MD-Ross Development and Investment has spent $36.5 million for the Milestone Manor Laurel Apartments. Milestone Properties sold the 424-unit garden-style property for just over $86,000 per-unit.

Milestone was assisted by Ideal Realty Group. Ross plans to institute a minor renovation program to upgrade the complex, which was developed over three phases from 1962 to 1995, when the last 120 units came online.

Carrying the address of 14706 Normandy Ct., Milestone Manor occupies a 21-acre parcel within close proximity to I-95, the Baltimore Washington Pkwy. and Rte. 1 in Prince George's County. "For the past 10 to 20 years, Fairfax and Montgomery have been the darling counties of the Washington Metro area," Ideal Realty president Allen Manesh notes. "While these countries are still good investments, the best values for the multifamily market are in Prince George's County." According to Delta Associates' First Quarter 2005 Apartment & Condo Report, the stabilized vacancy rate among class A garden-style apartments is a 2.8%, compared to 4.3% in nearby Rockville, Montgomery County.