Greysteel Retained for Sale of Takoma Gardens in Takoma Park, Md.
- Aug 12, 2014
Bethesda, Md.—The Greysteel Company has announced that it has been retained as the exclusive adviser and agent for the sale of the 37-unit Takoma Gardens community in Takoma Park, Md.
The Greysteel Mid-Atlantic multifamily investment sales team representing the seller, Lee Avenue Associates LLC, is led by Ari Firoozabadi, W. Kyle Tangney, John F. Mullen, Caleb Brown, Lance Ahmadian, Mike Bediones and Jake Ying. The property is unpriced and the request for offers date is September 9th, according to Brown.
“Takoma Park, Maryland is seeing tremendous interest from investors as submarket changing developments such as the $2.3 million project to upgrade sidewalks and storm water along Flower Avenue between Carroll Avenue and Piney Branch Road,” says Greysteel Director W. Kyle Tangney. “New development sites like Takoma Central with luxury amenities and ground floor retail, display growing demand and upside potential for rental product in the submarket. Takoma Gardens, which is less than a mile from the Takoma Metro Station, has tremendous long-term and short-term upside revenue potential.”
Takoma Gardens is comprised of three walk-up buildings with a mix of mostly two- and three-bedroom floor plan options. The community includes laundry facilities and hardwood floors.
The City of Takoma Park is located a few miles north of Washington, D.C., and directly southeast of Silver Spring, Md. The town is known for “its diverse selection of eclectic boutique shops, gourmet eateries and neighborhood farmer’s markets,” according to Greysteel. The Takoma Gardens community is located less than two miles from the Takoma/Langley Transit Center, which will eventually serve the proposed 16-mile Maryland Transit Administration’s Purple Line that aims to connect Bethesda, Md. to New Carrollton, Md.
The City and its surrounding area is in the midst of a major transformation and is experiencing a boom of mixed-use developments including the Hines, Urban Atlantic and Triden redevelopment project of the Walter Reed Army Medical Center, dubbed The Parks at Walter Reed, which is currently in the planning stages, according the development’s website. That project, according to Greysteel, is “expected to generate more than $1 billion in direct investment to the area and create about 6,000 new jobs.” It is located less than two miles from Takoma Gardens.
“With current rents well below market and a wealth of new transit-oriented development, new investors should expect strengthening cash flow and long-term appreciation,” Tangney says of the area.