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Greenbelt Multifamily Trades for $275M

GREENBELT, MD-Empire American Holdings is acquiring one of the largest apartment communities in the Mid-Atlantic region at 2,877 units.

By Erika Morphy | Updated on August 11, 2008

[IMGCAP(1)]GREENBELT, MD-One of the largest apartment communities in the Mid-Atlantic has traded for $275 million, according to local tax records. The 2,877-unit Springhill Lake was acquired by Montvale, NJ-based Empire American Holdings from AIMCO in late June.

Transwestern’s Bethesda, MD-based Institutional Multifamily Group’s managing principals, Al Cissel and Scott Melnick, represented the seller in the transaction. They declined to confirm the sales price, but tell GlobeSt.com that, in general, they have been closing a large number of multifamily transactions in the region. “There is definitely life in this market,” Melnick tells GlobeSt.com.

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