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.
The Avanti was constructed in 1965 and renovated between 2012 and 2016. It consists of 69 buildings with one- two- and three-bedroom units. The property is located less than three miles from the Suitland Metrorail Green Line station and is close to Suitland Parkway, Pennsylvania Avenue and the Capital Beltway.
DISTRICT HEIGHTS, MD–A 930-unit apartment complex here has traded for $130 million. GMF Capital of
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
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.
The Avanti was constructed in 1965 and renovated between 2012 and 2016. It consists of 69 buildings with one- two- and three-bedroom units. The property is located less than three miles from the Suitland Metrorail Green Line station and is close to Suitland Parkway, Pennsylvania Avenue and the Capital Beltway.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
