Suburban Maryland Community Trades for $42M
- Jul 13, 2021
The Portabello Apartments, a 254-unit community in the Washington, D.C. suburb of Oxon Hill, Md., has sold for $42 million. The property changed hands in an off-market transaction facilitated by Eastern Union.
Following the sale, the asset at 6441 Livingston Road was rebranded as Spark Oxon Hill.
The 12-acre property consists of five two- and three-story buildings developed in phases between 1952 and 1960. Floorplans for the one-, two- and three-bedroom apartments range from 653 to 1,067 square feet. Residents have access to a clubhouse, a playground, a dog park, a swimming pool and multiple laundry facilities.
Spark Oxon Hill is 10 miles south of downtown Washington near the intersection of Indian Head Highway and the Capital Beltway. The community is near Oxon Hill High School and the Oxon Hill Road retail corridor.
The team brokering the deal included Director of the Investment Sales Division Alex Bensahel, Senior Managing Director Marc Tropp and Managing Director David Merkin.
Last year, the Washington market was among the highest-ranking for multifamily transaction volume in the country. The metro also had notable ongoing construction activity, despite hitting a low in the previous year, according to Yardi Matrix.