Transwestern Named Exclusive Sales Agent for Value-Add Investment in High Growth Area
February 25, 2019
Bethesda, MD – Transwestern Commercial Services’ (TCS) Mid-Atlantic Multifamily Group today announces it has been named the exclusive agent for the sale of Ashton Heights, a rare
283-unit, high-rise apartment community at 3901 Suitland Road in Suitland, Maryland. Co-directors Robin Williams and Dean Sigmon will lead the project.
“Ashton Heights is one of few high-rise communities in the region, offering investors an extremely rare opportunity to purchase a well-maintained, solidly built, 1970s vintage apartment community in one of the best-performing areas in the region,” said Williams. “This sale is a superior opportunity for an investor to increase rental revenue with standardized interior renovations and minor curb appeal and amenity enhancements.”
The building is located near the Washington, D.C., line and the Suitland Federal Center, home to the U.S. Census Bureau, in Prince George’s County. The Andrews/Suitland submarket revitalization includes new walkable retail and entertainment centers and significant renovation to existing apartment communities, contributing to consistent 7 percent rent growth, according to Delta Associates’ Fourth-Quarter 2018 Washington Area Class B Apartment Report.
“At well over $200,000 per year, Ashton Heights offers one of the strongest ancillary income opportunities we’ve ever witnessed,” said Vice President Justin Shay, CCIM, who will be assisting in the sale.
The TCS Mid-Atlantic Multifamily group provides a full range of multifamily investment sales services throughout Washington, D.C., Northern Virginia, Richmond, Baltimore, Philadelphia and Delaware. The group’s recent client roster includes Sentinel Real Estate, Federal Capital Partners, Foulger Pratt with DLJ, Hampshire Properties, Aimco, Avalon Bay, Equity Residential, The Bozzuto Group, Fannie Mae, AIG Investment, Morgan Properties, Goldman Sachs, JP Morgan and Angelo Gordon.
ABOUT TRANSWESTERN COMMERCIAL SERVICES
Transwestern Commercial Services (TCS) is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service and innovative client solutions. Applying a consultative approach to Agency Leasing, Asset Services, Occupier Solutions, Capital Markets and Research, our fully integrated global organization adds value for investors, owners and occupiers of all commercial property types. We leverage market insight and operational expertise from across the Transwestern enterprise, which includes firms specializing in development and real estate investment management. TCS has 34 U.S. offices and assists clients from more than 200 offices in 37 countries through strategic alliances with France-based BNP Paribas Real Estate and Canada-based Devencore. Experience Extraordinary at transwestern.com and @Transwestern.