Jair Lynch Buys Maryland Apartments
Transwestern Real Estate Services represented the sellers in the deal.
Plaza Towers. Image courtesy of Transwestern
Jair Lynch Real Estate Partners has bought the 288-unit Plaza Towers in Hyattsville, Md., in Prince George’s County. The Donaldson Group and Angelo Gordon & Co. sold the high-rise property for $65.8 million, or $228,929 per unit.
The 11-story Plaza Towers, located at 6700 Belcrest Road, was approximately 92.7 percent occupied at the time of the sale, according to Yardi Matrix. The building offers a blend of studio and one-, two- and three-bedroom layouts, averaging approximately 838 square feet. Amenities include private balconies/patio and hardwood floors in select units, a fitness center, a clubhouse, a tennis court and a swimming pool.
Built in 1964, the property is within walking distance of the Mall at Prince George’s, located at 3500 East West Highway, and the Metro station at Prince George’s Plaza, situated at 3575 East West Highway. It is also close to area schools, employment centers and major transportation arteries.
The sellers were represented in the transaction by Executive Vice Presidents Dean Sigmon and Robin Williams, Vice President Justin Shay and Senior Associate Michael D’Amelio with Transwestern Real Estate Services. The property is in an Opportunity Zone and, according to Transwestern, was a good value-add opportunity for the buyer. Last December, Transwestern Commercial Services’ Mid-Atlantic Multifamily Group sold two Maryland communities for $95.8 million.
Low vacancy and strong historical rent growth have positioned Hyattsville as one of the strongest and most consistent performers in Prince George’s County, according to Transwestern research affiliate, Delta Associates. The Greenbelt/Hyattsville Class B submarket reported a 4.4 percent vacancy as of September 2021 and annual effective rent growth of 2.6 percent.
