$26M Takes 324-Unit Suitland Multifamily

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SUITLAND, MD-Morgan Properties of King of Prussia, PA has added to its multifamily holdings in the Greater Washington, DC area with its $25.5-million acquisition of a 324-unit multifamily property here. Called Silver Hill Gardens, the property is 93% leased at rents that CB Richard Ellis broker Mike Muldowney calls a good value for Prince George’s County. “The average rent at Silver Hill is $840 including utilities,” he tells GlobeSt.com. “You can’t get a three digit rent in [nearby] Montgomery County.”

CBRE’s Bill Roohan, Mike Muldowney, Michael Rudolph, Brian Margerum and Trish Bonebrake, in the company’s multi-housing team, represented the seller, Greenbelt-based Community Realty Co.