Transwestern Lists Two Large Prince George’s County Apartment Communities
- Feb 24, 2015
Two large multifamily properties in the Washington, D.C., metropolitan area are now for sale. The Donaldson Group has hired Transwestern’s Bethesda-based Mid-Atlantic Multifamily Group to market Andrews Ridge in Suitland and Regency Pointe in Forestville. The two properties offer a total of 1,091 apartment units.
According to PropertyShark, The Donaldson Group purchased Andrews Ridge in 2011 for almost $27.5 million. The property offers 492 one-, two- and three-bedroom units, as well as numerous amenities, including a fitness center, a swimming pool and a business center. Its current market value is approximately $13.4 million.
Regency Pointe was also acquired in 2011. PropertyShark says The Donaldson Group paid $20 million for the property. It consists of 599 one-, two- and three-bedroom apartments, with amenities similar to those offered by Andrews Ridge. Its current market value is about $26.4 million.
Co-Directors Dean Sigmon and Robin Williams are leading the Transwestern team seeking new owners for the two properties. In a news release, Transwestern said both communities have been extremely well maintained and that the owner has invested more than $30 million in capital improvements.
So far, The Donaldson Group has not announced how much it wants for the two properties. They can be purchased together or separately. Bids are due on March 17.