(To read more on the multifamily market, click here.)
GREENBELT, MD-A joint venture comprised of the locally based Bozzuto Group and Fannie Mae has completed a $98-million acquisition of a 1,188-unit multifamily portfolio. The portfolio includes four garden-style properties. Shadyside Gardens (349 units) and Forest Village (410 units) are located in Suitland, MD. Marlow Heights (172 units) and Marlow Plaza (257 units) are located in Temple Hills.
The seller was Stephen A. Goldberg Cos. Mike Muldowney and Bill Roohan of CB Richard Ellis brokered the transaction. Maury Zanoff and Joe Donato of CBRE/Melody arranged financing through Hypo Real Estate International.
This is Bozzuto's 11th joint venture with Fannie Mae, and according to a spokesperson, one of the largest. The Bozzuto Group has a total of 4,636 units in the mid-Atlantic region.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
