Greysteel Arranges Sale of Multifamily Community in Capitol Heights, Md.
- Mar 14, 2016
Washington, D.C.—Real estate investment services firm Greysteel recently announced it has arranged the sale of Crest Apartments, a four-building, 44-unit multifamily property in Capitol Heights, Md. The company served as exclusive advisor for the seller, Crest Partners LLC.
The property was bought by 5225 Marlboro Ventures LLC for an undisclosed amount. According to public Maryland records, the most recent evaluation assesses Crest Apartments at $3.3 million. The last recorded transfer is dated May 15, 2015, when Crest Partners LLC bought the asset from Crest Apartments LLC for $3.74 million.
Located at 5225 Marlboro Pike, the Crest Apartments community is near D.C.’s Capital Beltway and offers good connections through Pennsylvania Avenue, I-95/I-495, and the Suitland Parkway for the I-295. The property offers 18 two-bedroom, 22 one-bedroom and four three-bedroom units, providing amenities that include wall-to-wall carpeting, vast storage space, and individual heat and cooling systems.
“The acquisition made a great amount of sense to the buyer who was seeking to expand their footprint into Prince George’s County and was able to secure extremely favorable financing with Enterprise Community Loan Fund,” said Kyle Tangney, Greysteel senior director, in prepared remarks.
Image courtesy of Greysteel