INVESTMENT: Transwestern Named Exclusive Sales Agent for 1,107-Unit Multifamily Portfolio
- Sep 29, 2010
Bethesda, Md.–Transwestern’s Bethesda, Md.-based multifamily group has been named by United Investors Management Corp. as exclusive agent for the sale of a 1,107-unit multifamily portfolio located in Prince George`s County, Md.
The portfolio consists of Pennbrooke Terrace (404 units) and Valleybrook Apartments (147 units), located in Forestville, Md. and Cheverly Terrace (366 units) and Hanson Arms (190 units), located in Cheverly, Md.
The properties are located minutes from Joint Base Andrews Naval Air Facility and Suitland Federal Center, which houses the U.S. Census Bureau. The federal government presence in the surrounding area encompasses 12,760 federal employees. The immediate area is experiencing direct investment into new retail facilities, including Ritchie Station Market Place, a 100-acre retail development.
Dean Sigmon, senior vice president and director of Transwestern’s Mid-Atlantic Multifamily Group, states, “This portfolio of assets presents an outstanding opportunity for an investor(s) to acquire well-located properties in one of the strongest markets in the country, and to further capitalize on the excellent value-add potential offered by each asset.”
Each property features unique opportunities to improve expenses and increase rents. Unit amenities within each community feature large floor plans, private balconies or patios, optional eat in kitchens, and spacious closets. Various apartments have undergone interior renovations to include kitchens and bathrooms that have resulted in increased rents.
Recent assignments for Transwestern’s Mid-Atlantic Multifamily Group include transactions with JP Morgan, Federal Capital Partners, Angelo, Equity Residential and I-star Financial.