Palette at Arts District ibn Hyattsville, Maryland
HYATTSVILLE, MD – Harbor Group International has acquired the 243-unit family community, Palette at Arts District, here for $58.85 million. JLL closed on the sale and also arranged the $45.9 million financing via a 10-year, fixed-rate Fannie Mae acquisition loan.
The seller is a global real estate investment manager.
Palette at Arts District is located on 3.75 acres of land at 5501 45th Avenue in the city's Arts District. The property is situated near Prince George's Plaza Metro Station and the Riverdale MARC train station.
The apartment community features a resort-style pool, a courtyard, a dog park, an indoor/outdoor cybercafé and coffee bar, a state-of-the-art fitness center, a clubroom, a conference room and a rooftop deck. The property additionally features 4,700 square feet of ground-floor retail.
Constructed in 2012, the property offers a variety of studio, one- and two-bedroom floorplans, averaging 870 square feet.
The JLL capital markets team of Walter Coker and Brian Crivella represented the seller. The JLL Capital Markets debt placement team, led by Jamie Leachman, represented the new owner, in the transaction.
JLL, a Fortune 500 company, is a global professional services firm that specializes in real estate and investment management. The firm has an annual revenue of $16.3 billion, with operations in more than 80 countries.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
