DISTRICT HEIGHTS, MD–A 930-unit apartment complex here has traded for $130 million. GMF Capital of New York was the buyer. The seller was Suitland Park, LLC, which consists of Bethesda-based Dragone Realty Investments and the national debt and equity firm PCCP LLC. As part of the sale, Dragone kept its ownership stake in the property.
Al Cissel, Ryan Ogden, Drew White and Mike Marshall of ARA, A Newmark Company, represented the seller in the transaction. Counsel for the transaction included Kelley Drye & Warren LLP, which represented Dragone, Morrison & Foerster LLP, which represented PCCP, and Neuberger, Quinn, Gielen, Rubin & Gibber P.A., which represented GMF.
The garden-style complex, called The Avanti, recently underwent a renovation that positions it at the top of the submarket, Cissel said in a prepared statement. It will “outperform the competition for the foreseeable future,” he said.
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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.
