(To read more on the multifamily market, click here.)
FORESTVILLE, MD-A $53.6-million transaction has resulted in a change of ownership for Forest Creek, a 930-unit apartment community in Prince George's County. Miles Property acquired the multifamily property from the Artery Group, with Robin Williams of Ideal Realty Group orchestrating the deal as the sole broker.
The sale figure of $57,635 per unit surpassed the sale price for the one other apartment complex to sell in the city this year, which commanded nearly $52,900 per unit, according to Delta Associates' Mid-Year 2005 Report on the investment grade, class B apartment market.
Forest Creek occupies a 39-acre parcel off the Capital Beltway near the 470,000-sf Centre at Forestville regional shopping mall. Consisting of 69 garden-style brick structures, the property was developed in 1963 and renovated in 1982. The complex is divided into two phases, with the first accounting for 558 units and the second offering 372 units.
"There was a great deal of interest in the property among investors," Ideal Realty associate Cameron J. Manesh tells GlobeSt.com. "We had multiple offers."
Forest Creek's Prince George's County location appealed to hopeful buyers. "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 says. "While these counties are still good investments, the best values for the multifamily market are in Prince George's County. This is attributed to growing populations, increasing demographics and steady job growth."
Manesh notes that infrastructural improvements such as the Woodrow Wilson Bridge upgrade and the addition of new Metro stations, as well as the impending onslaught of major mixed-use developments--the $2-billion National Harbor which is currently in the works--will put further demand on the area's multifamily market. As per Delta Associates, the overall average vacancy rate is 3.8% among Prince George's leading submarkets and 2.8% in Forestville.
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