JV Snags $90M DC-Area Portfolio
- Aug 04, 2017
After recently closing on a 1,033-unit portfolio in Atlanta and Louisville that totaled $74 million, Besyata Investment Group and The Scharf Group paid $90 million to acquire The Communities at Arbor Vista portfolio, located in the Washington, D.C., suburb of Adelphi, Md. The portfolio consists of Arbor Vista, Sienna Creek and Sienna Gardens, a garden-style apartment community.
Located at 9408 Adelphi Road, the community was built in three phases. The unit mix comprises 675 studio, one-, two- and three-bedroom floorplans ranging from 515 to 1,082 square feet. Interior features include vaulted ceilings, fully equipped kitchens with new appliances, large closets, central air and a private balcony/patio in select units. Residents of the pet-friendly community have access to amenities such as a swimming pool, a business center, grilling areas, a fitness center, playgrounds, a soccer field, on-site laundry, 1,380 parking spaces and a University of Maryland shuttle stop on site. The community, which is 96.1 percent occupied, according to Yardi Matrix, consists of 68 two-, two-and-a-half, and three-story buildings.
Besyata and Scharf plan to add value to the community by modernizing the amenities and renovating units. BH Management will oversee property management and leasing.
The community is in close proximity to interstates 495 and 95, with easy access to downtown D.C., the University of Maryland and The Mall at Prince George’s. Major employers in the area include the University System of Maryland, the FDA, the Joint Base Andrews Naval Air Facility, the IRS, the Census Bureau, UPS and NASA.
Image courtesy of Yardi Matrix