Transwestern Mid-Atlantic Brokers Sale of Bethesda Multifamily
- Aug 16, 2012
Bethesda, Md.—Transwestern Mid-Atlantic Multifamily Group, a collaborative multifamily brokerage team serving the entire Mid-Atlantic region, completed a sale of The Villas at Langley, a 590-unit garden-style apartment community located in Hyattsville, Md.
The Prince George County property is located off University Boulevard (MD-193) near the intersection of New Hampshire Ave. and features one-, two- and three-bedroom floor plans, averaging 930 square feet.
“It is relatively unique within the submarket in that the majority of properties it competes with are late ’40s vintage, flat roof buildings with units averaging 700 square feet,” Robin Williams, Transwestern Mid-Atlantic Multifamily Group’s co-director, tells MHN. “This is mid ’60s vintage with central air conditioning, balconies, patios, pitched roofs and much larger floor plans.”
Williams and Dean Sigmon represented the seller, Sawyer Realty Holdings, in the $48.1 million sale of the property to Krieger Boulevard LLC and Krieger Skyline, LLC, headed by Herb Klein of New Jersey.
“The purchaser recognized an opportunity to come in and complete some kitchen and bath renovations and upgrades and move market rents up a little as a product of that,” Williams says. “The other attribute that was unique was the asset has existing debt that needed to be assumed so it required larger equity relevant to purchase price. It was an acquisition that had good in-place cash flow and a well-occupied occupancy.”
The Villas at Langley was built in 1964 and the unit’s floor plans include spacious eat-in kitchens with separate dining rooms, wall-to-wall carpeting, ceiling fans and balconies/patios.
Community amenities include laundry facilities in every building, separate adult and toddler pools, plus a soccer field, basketball court and playgrounds.
“(Krieger) is expected to continue to improve the common areas and do some interior unit renovation,” Williams says. “The property is a great location and neighborhood in the Langley area.”
The surrounding neighborhood is in close proximity to major thoroughfares, providing residents with access to numerous local and regional employers. It also sits just a short distance from the University of Maryland at College Park to the east, Downtown Silver Spring to the west and the Federal Research Center at White Oak to the north.
Two proposed purple line stations that will connect the Red, Green and Orange METRO lines will be built nearby.
“We focus on marketing all classes of multi-family properties throughout the mid-Atlantic region, from Class-B value-add projects such as The Villas at Langley to core location Class-A communities like The Chase at Bethesda, which closed last year and set a record for the highest ever price per unit in Maryland at just over $467K per unit.” Williams says. “We pride ourselves on representing clients and sellers in marketing a property to logical and qualified purchasers.”
Transwestern is a privately held operating company specializing in commercial real estate services, investment and development. To date, the multifamily group has transacted the sale of more than 373 multifamily projects in the Mid-Atlantic region, containing over 88,350 units. The company expects to announce additional investment opportunities this fall.