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Greenbelt Multifamily Trades for $18M

GREENBELT, MD-The buyer plans to spend $2.5 million in renovations to reposition the asset.

By Erika Morphy | Updated on October 30, 2006

(To read more on the multifamily market, click here.)

GREENBELT, MD-Charlestowne North Apartments, a 178-unit high rise here has traded for $18 million, or $100,000 per unit. The deal, which only finalized yesterday, marked the highest price ever paid for a Prince George’s County hi rise, according to the Coldwell Banker Commercial Ideal Realty Group in Potomac, which represented both buyer and seller in the transaction.

The seller was an entity controlled by the publicly traded Bresler and Reiner, based in Rockville. It had originally built the property in 1967. The buyer was controlled by the Bethesda-based Ross Investment and Development.

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