(To read more on the multifamily market, click here.)
GERMANTOWN, MD-An affiliate of Norfolk, VA-based Harbor Group International, LLC has just closed on a 768-unit multifamily property here. It was acquired from an affiliate of Fairfield Residential, LLC for $82 million--the company's largest single apartment property acquisition to date. Called Hamptons at Town Center, the property is located at 19757 Crystal Rock Dr., next to the US Department of Energy's headquarters and close to the Town Center at Germantown.
The firm plans to invest an additional $2.3 million--or $2,951 per unit--into the class B property for interior and exterior improvements. "The seller maintained the property to high standards and already completed renovations on 600 units," T. Richard Litton, Jr., president of HGI, says in a statement. "We will renovate the interiors of the remaining 168 units."
According to 2006 data from the Maryland Department of Housing and Community Affairs Apartment Rental Guide, monthly rents for one-bedroom units ranged from $895 to $899. Two-bedroom units rented for $1,125 to $1,198 a month. Units average 676 sf. Hamptons at Town Center is 93% occupied.
The complex was built in phases between 1979 and 1982 and is situated on 37 acres. Other features include a newly renovated clubhouse and fitness center, swimming pool, business center, tennis and volleyball courts.
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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.
