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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Newmark's vice chairmen, Christine Espenshade and Robert Garrish represented the seller in the transaction.
"The extreme disruption we felt across the country due to the pandemic was quite severe, however, one bright spot has been the desirability of the suburban multifamily market," states Espenshade. "Today, even as restrictions are being lifted and vaccination rates continue to climb, there is still a robust demand for this type of product offering owners consistently strong rent growth."
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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.
