Greater Washington Apartment Market Under Investor Siege
- Jul 15, 2015
Hardly a week goes by without at least one multifamily transaction in the Greater Washington area. Henson Creek Manor, an affordable apartments community in Fort Washington, is the latest property to change hands.
Greysteel announced the sale. The company’s Mid-Atlantic multifamily investment sales team — which included Ari Firoozabadi, John Mullen, W. Kyle Tangney, Lance Ahmadian, Mike Bediones, Jake Ying and Alicia Orkisz — represented the sellers, Humphrey Management and Boston Capital. AMAC Holdings, a nationally focused real estate investment company, was the buyer. The price of the transaction was not disclosed.
Henson Creek Manor is a Low Income Housing Tax Credit community located at 5201–5301 Haras Place, close to shopping, restaurants, schools and employment centers such as Joint Base Andrews, Joint Base Anacostia-Bolling and the Suitland Federal Center. It comprises 210 units, with two- and three-bedroom floor plans. The apartments offer large bathrooms and kitchens, dishwashers, patios, walk-in closets and many other features. Additionally, community amenities include a swimming pool, community room, playground and ample parking.
The new owner did not reveal what it plans to do next with the Prince George’s County property. In a news release, Greysteel Senior Director John Mullen said that Henson Creek Manor is the submarket’s only ’90s-built product. This means that through the implementation of a renovation program, AMAC Holdings can achieve maximum allowable rents.
“Affordability covenants under the Low Income Housing Tax Credit program have allowed the property to enjoy consistently high rental demand, which will be further bolstered as unit interiors are upgraded and the impacts of major area developments, such as MGM National Harbor and Saint Elizabeth’s, hit the submarket,” Mullen added.
Photos courtesy of The Greysteel Co.