Greysteel Markets Value-Add Asset in St. Mary’s County
- Aug 01, 2016
Completed in 1970, the six-building, garden-style community last changed hands in 2007. Located at 21691 Eric Road, Queen Anne Park is within walking distance from many services providers, as well as retail and dining options. Nearby businesses include Papa John’s, Checkers, Family Dollar, Big Lots, Bank of America, CVS Pharmacy, Popeye’s and Burger King. Queen Anne Park is also just half a mile away from the 250,000-square-foot Saint Mary’s Square Shopping Center, which is anchored by Food Lion and Ollie’s Bargain Outlet.
According to Yardi Matrix, the property has an 89.2 percent occupancy rate and offers six one-, 53 two- and 42 three-bedroom units, with an average size of 965 square feet. Queen Anne Park features a fitness center, clubhouse, swimming pool, 125 parking spots, playground, picnic areas, washer/dryer in all units, dual-pane glass and individual air conditioning.
“With upgraded units in the area averaging 23 percent higher rents, Queen Anne is ideally positioned for value-add renovations,” said Greysteel Investment Associate Alicia Orkisz in a prepared statement. “The property also benefits from over 10 years of continuous ownership, enabling developers to efficiently finance a comprehensive rehabilitation under the Section 42 Low Income Housing Tax Credit program,” she added.
Image courtesy of Yardi Matrix