LANDOVER, MD–Foulger-Pratt Cos. and DLJ Real Estate Capital Partners have retained Transwestern to sell a three-property multifamily portfolio consisting of 1,106 apartment units in Prince George's County. Dean Sigmon, Robin Williams and Justin Shay of Transwestern's Mid-Atlantic Multifamily Group are the listing agents for the portfolio. The portfolio includes:
- Cheverly Station: 555 units at 6501 Landover Road in Landover
- Parkland Station: 147 units at 2128 County Road in District Heights
- Pennbrooke Station: 404 units at 5042 Silver Hill Court in Forestville
In a prepared statement Williams says there is upside to the portfolio via upgrades and the potential to increase asking rents.
The properties are currently operated individually and investors can purchase them individually or as a portfolio.
According to Transwestern research affiliate Delta Associates, there are a number of similar vintage properties in the submarket that have been renovated, highlighting the upside that can be gained.
Effective rents in the Andrews submarket, where Pennbrooke and Parkland are located, have increased 3.5% in the 12 months ending September 2017, according to the Q3 Delta Associates Class B Market Report. This is one of the highest rent growth rates of any submarket in Suburban Maryland during this time frame. Vacancy rates for the Landover/New Carrollton submarket, where Cheverly Station is located, remain one of the lowest in the region at 1.6% as of September 2017.
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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.
