Condominium Residences Auctioned in Hyattsville

Resource Real Estate is auctioning 33 Maryland condominium residences.

By Jeffrey Steele, Contributing Writer

Hyattsville, Md.—An auction of 33 condominium residences at One Independent Plaza and Plaza Lofts 22 in Hyattsville’s University Town Center will take place October 28 at 1 p.m. IMPACT Real Estate Solutions, LLC will conduct the auction at the Greenbelt Marriott. The announcement of the auction was made by Resource Real Estate, Inc.

The five-year-old One Independence Plaza features 112 homes, of which 75 have been sold. Of the remaining 37 units, 28 will be auctioned. They include seven one-bedroom units and 21 two-bedroom homes. Minimum bid price on the seven one-bedroom condos, which range in size from 603 to 698 square feet, will start at $99,000. Minimum bid prices on the two bedroom condominium homes, which range in size from 1,030 to 1,130 square feet, start at $165,000.

Plaza Lofts 22 is a new construction, mid-rise luxury condominium that has captured awards for its architecture. Of a total 22 condominium residences, five will be auctioned. They include a one-bedroom, 1.5-bathroom home, two one-bedroom-plus den with 1.5-bath units and two homes that each feature two bedrooms and 2.5 baths. The minimum bids on these five residences will range from $135,000 to $245,000.

The buildings both offer common-area amenities designed to bring residents together. They include state-of-the-art fitness centers, outdoor amenity decks and community rooms for entertaining. In addition, both are located near retail and dining venues and movie theaters, as well as the Prince George Plaza Metro T stop. Each residence purchase price includes a parking space license.

IMPACT is a full-service real estate firm specializing in sales and marketing of luxury multi-unit residential development.

“Our company has conducted auctions for luxury developments like this all over the country,” says Stephanie Wilkinson, partner in IMPACT Real Estate Solutions LLC. “This event is truly special for a number of reasons, including the affordable $99,000 starting bid price for such a quality product, as well as the fact it is launching a completely new building never available to the market before, in the sale of Lofts 22.”

Resource Real Estate Inc. has an ownership interest in and manages a real estate portfolio with an aggregate value of about $1.7 billion across 14 states.

“We’re happy to be a part of the ever-evolving, strong community that is University Town Center,” says Todd Jaycox, senior vice president at Resource Real Estate. “Rich with culture [and] diversity, commuter-friendly and central to both Howard University and the University of Maryland, it is a hub for a quality urban lifestyle.”

The auction will require all bidders to have $2,500 in certified funds made out in their names. In addition, all bidders will be required to put down three percent of purchase price that day. CalCon Mutual, the preferred lender, will be available on site. Investors are welcome to purchase.

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