Maryland Community Sells for $46M
- Sep 12, 2019
Ashton Heights, a 15-story, 283-unit multifamily property in Suitland, Md., has been sold for $45.8 million. Transwestern Commercial Services Mid-Atlantic Multifamily Group represented the seller, Orlo, a private real estate investment firm, in the transaction.
TCS Executive Vice Presidents Robin Williams and Dean Sigmon, Vice President Justin Shay and multifamily analyst Michael D’Amelio, brokered the deal for Orlo.
Located just outside Washington, D.C., in Prince George’s County, Md., the community at 3901 Suitland Ave., is 96 percent occupied. Yardi Matrix data identified the owner of the property as AJO Realty, which is a property management company and affiliate of Orlo. AJO Realty bought the property from BDMG in March 2016 for $36.4 million, or $132 per square foot, according to Yardi Matrix data. BDMG had acquired the property from Harbor Group International for $33 million, Yardi Matrix reported. Previous owners included Berkshire Property Advisors, The Stephen A. Goldberg Co. and Steven A. Shamrah.
The 5.9-acre property has a fitness center, clubhouse, playground and pool. Most of the units are two-bedroom apartments but the building also has some one- and three-bedroom units. Rents this year ranged from $1,285 for one-bedrooms to $1,876 for three-bedroom units with an average of $1,561, according to Yardi Matrix data.
Built in 1970, the well-maintained building is located in a submarket that is undergoing revitalization, according to TCS. The community has new walkable retail and entertainment centers and several existing apartment properties are getting significant renovations.
Prince George’s Is Hot
Williams noted Prince George’s County is one of the best-performing areas in the region. He said TCS has sold for other Prince George’s County multifamily properties over the past year with a value of $260 million. The TCS Mid-Atlantic Multifamily Group has an additional $145 million under contract that is scheduled to close in the next few months, including a property across the street from Ashton Heights.
Ashton Heights is located near the Pennsylvania Avenue Suitland Parkway, the Suitland and Naylor Road Metro stations and the Capital Beltway (I-495 and I-95). The proximity to Washington, D.C., the major highways and Metro stations, gives residents convenient access to employment centers throughout Washington, D.C., Maryland and Virginia.
In July, the TCS group was named exclusive advisor for the adaptive reuse of a historic Baltimore warehouse at 1901 Light St. built in 1887. TCS is also seeking a joint venture partner for the owner to help in the redevelopment.
During the winter, Williams, Sigmon and Shay represented Federal Capital Partners (FCP) in February when it sold the 366-unit Walker Mill Apartments in Forestville, Md., to Aulder Capital for $43.6 million.
In June 2018, the TCS Mid-Atlantic Multifamily group, including Williams, Sigmon and Shay, brokered another FCP deal. Aulder Capital purchased the 170-unit River Pointe in Fort Washington, Md., from FCP for $24.5 million.