WASHINGTON DC – Greystar has acquired a 324-unit multifamily asset in Bowie, MD for $91.7 million. The firm purchased the community from the joint-venture partnership of LCOR and funds managed by Ares Management's Real Estate Group.
The acquired property, Heather Ridge Apartments, is located at 16021 English Oaks Ave. in the Washington DC suburb. The community is situated across the street from Bowie City Hall and adjacent to the 755,000-square-foot outdoor shopping mall, Bowie Town Center.
Greystar plans to implement a light capital improvement program at the property, in effort to upgrade the rental units.
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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.
