Ashton Heights
➤➤ Join the GlobeSt.APARTMENTS (formerly RealShare) conference October 29-30 in Los Angeles. The event will analyze the opportunity in the emerging trends and conditions of the multifamily market. Don't miss out on joining the 1000+ of the industry's top owners, investors, developers, brokers and financiers as they gather for THE MULTIFAMILY EVENT OF THE YEAR! Click here to register and view the agenda.
WASHINGTON, DC—Ashton Heights, a high-rise, 283-unit multifamily property in Suitland, Md., has traded for $45.8 million. The seller was Orlo; the buyer was not disclosed.
Transwestern Commercial Services' Robin Williams, Dean Sigmon, Justin Shay and Michael D'Amelio represented the seller in the deal.
The value-add property, located at 3901 Suitland Rd., is currently 96% occupied. The 1970s vintage community is the beneficiary of a submarket revitalization that includes new walkable retail and entertainment centers, as well as significant renovations to existing apartment communities, according to the brokers.
"This particular area is becoming increasingly popular and seeing growing demand," Williams says in prepared remarks. He notes that group has sold four other communities in Prince George's County over the past year, representing more than 2,000 total apartment units with a value of $260 million.
In addition, he adds, the group has another $145 million under contract scheduled to close in the next few months, including a property across the street from Ashton Heights.
Rental demand in this submarket will allow the property to continue to garner strong monthly rental premiums, according to Transwestern.
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.
