MORNINGSIDE, MD – AMAC has sold a 410-unit multifamily property in Morningside, MD to Quantum Equities for $76 million.
The garden-style asset, Admiral Place, sold for a purchase price that equates to $185,366 per unit.
"We are excited to further expand Quantum's footprint in the Mid-Atlantic area with the acquisition of Admiral Place apartments," says Josh Fink, SVP of acquisitions at Quantum Equities. "The property provides an exceptional value-add opportunity in a strong rental market."
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Transwestern Real Estate Services' Mid-Atlantic multifamily group brokered the sale. Transwestern's EVP, Robin Williams, EVP, Dean Sigmon, VP, Justin Shay and senior associate, Michael D'Amelio represented the seller in the transaction.
"Admiral Place is a strategic purchase for Quantum Equities, as the Morningside submarket is supply-constrained for multifamily product," states Williams. "There is considerable upside potential to increase rental revenue by completing interior unit renovations."
In late 2020, Transwestern sold Regency Pointe, a multifamily asset near Admiral Place, to Quantum Equities for $80 million.
The multifamily demand and job growth within Morningside, MD are currently outpacing surrounding submarkets. Throughout the past 12 months, Transwestern has sold nine apartment communities, totaling 3,465 units and valuing $600 million, within Prince George's County and the surrounding region.
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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.
