Search
 

930-Unit Forest Creek Commands Nearly $54M

FORESTVILLE, MD-Forest Creek, a 930-unit apartment community located off the Capital Beltway, sells in a $53.6-million transaction. The 42-year-old, garden-style property, renovated in 1982, consists of 69 buildings spread out across a 39-acre parcel.

By Barbra Murray | Updated on October 04, 2005

(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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.