CBRE Brokers $9.5M Value-Add Transaction in D.C. Area
- Dec 15, 2010
Oxon Hill, Md.‑CB Richard Ellis’ Washington, D.C. Multi-Housing Investment Team announced that it arranged the sale of Azalea Woods, a 305-unit apartment community located at 1101 Kennebec Street in Oxon Hill, Md.
Laurel, Md.-based Dragone Realty Investments purchased the property from LNR Partners, based in Miami Beach, Fla., for $9.5 million.
CB Richard Ellis’s Washington, D.C. team of Bill Roohan, Mike Muldowney, Andrew Boyer, Michael Rudolph, Jonathan Greenberg, Brian Margerum, Martha Hastings and Trish Bonebrake brokered the transaction.
“This transaction is a clear indication that there is strong demand for quality, affordable housing in our area. The buyer has a well-conceived plan to reposition these rental apartments to a level of comfort, cleanliness and efficiency that will appeal to sophisticated working-class renters who desire a convenient location in greater Washington, DC,” says Mike Muldowney, executive vice president in CBRE’s Washington, D.C. Multi-Housing Investment team.
Built circa 1963, the asset consists of two different phases: three-story garden style buildings containing 215 units and a five-story mid-rise building containing 90 units. Over the past few months, property management forced vacancy of the mid-rise so that the buyer could commence renovation plans immediately upon closing.