(Read more on the multifamily market.)
GAITHERSBURG, MD-Artery Group, a developer and real estate firm in Bethesda, sold a 175-unit multifamily asset here to Montgomery County for $20.7 million. The county acquired it by exercising its first right of refusal, something it occasionally does when a multifamily trade might adversely affect residents among other reasons.
In this case, according to JBM Realty Advisors senior director Robin Williams, the apartment complex is a senior-oriented facility and the county wanted it to remain in affordable for its inhabitants. "So when the seller received a bid Montgomery County stepped up to acquire the complex," he tells GlobeSt.com. Williams represented Artery Group.
Located at 101 Odendhal Ave., the property, Forest Oak Apartments, is fully occupied. Williams says the facility is in excellent physical condition. "I think the county will continue to maintain it as a senior restricted building," he says.
This transaction is JBM Realty Advisors' second deal in the Washington, DC area since the Florida-based broker opened a regional office last August, as reported in GlobeSt.com.
It follows an off-market, $7-million multifamily trade in Riverdale, MD that closed late last year, which Williams brokered. The Forest Oak transaction was off-market as well, Williams says.
Now, though, with these two transactions complete, JBA Realty is openly marketing two listings in the Mid-Atlantic for the first time. Towson Crossing, located in Maryland's Towson submarket, is a 27-year-old, 464-unit property. It has also listed Hampton Walk, a 370-unit property built in the 1950s. Located in New Castle, DE, it has recently undergone capital improvements.
"Activity has been brisk," Williams says. "The area continues to show a strength for rental properties."
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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.
