Suitland’s Ashton Heights Trades for $46M
Transwestern Commercial Services, which brokered the sale, has another $145 million in deals under contract scheduled to close in the next few months.
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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.