"The property is the highest quality apartment community in the Stafford/Fredericksburg region, and has leased up very quickly due to its location near major employers, such as Quantico Marine Base," says Michael Marshall, a director in Cushman & Wakefield's Apartment Brokerage Services Group, which arranged the sale. Due to the recent BRAC realignment plan, the base is adding 3,000 jobs.
Another recent multifamily deal, also negotiated by Cushman and Wakefield, was the $13 million sale of Cheverly Crossing Apartments in Hyattsville, MD., on behalf of Horizon Properties to The Donaldson Group. The company plans a major renovation of the interior and common areas of the 168-unit Class B garden apartment property.
The strong rental market in Prince George's County has contributed to strong rent growth, Marshall says. "Prince George's County represents a great investment opportunity to buy older communities, renovate them and raise rents to add value."
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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.
