Beachwold Sells 2 MD Properties
Greysteel facilitated the deal for Largo Center and Vistas at Lake Largo, both located in Upper Marlboro.
By D.C. Stribling
Largo Center
Beachwold Residential has sold a two-property affordable housing portfolio totaling 210 units in Upper Marlboro, Md., to a private investor. Commercial real estate services firm Greysteel arranged the sale of Largo Center and Vistas at Lake Largo.
The 100-unit Largo Center was built in 1994 and is at 250 Largo Center Dr. The 110-unit Vistas at Lake Largo was built in 1995 and is at 500 Harry S. Truman Dr.
The properties traded for an unspecified price, but Beachwold Residential aquired 520 Largo Center Dr. from Boston Capital and Humphrey-Stavrou Associates for $11.6 million in 2013. Graysteel facilitated that deal as well.
The Properties Will Continue to be Affordable
“The properties were developed under the Low Income Housing Tax Credit program in the mid-’90s and are still some of the only fully affordable communities in the Largo metro area,” said Graysteel senior investment associate Alicia Orkisz. “The buyer will continue to operate both properties with rent and income restrictions and preserve their long-term affordability.”
Both properties are within a half mile of the Largo Town Center Metro Station, providing direct access to downtown Washington, D.C. Also, Dimensions Healthcare System has selected Largo Town Center as the site for its new hospital, projected to open in 2020 with capacity of over 200 beds.
