BETHESDA, MD – Pratt Street Capital LLC has sold Ashbury Courts Apartments, a 156-unit luxury multifamily community with 16,000 square feet of street-front retail at 10095 Washington Blvd. in Laurel, Maryland. A partnership between Corner Lot Advisors and Midloch Investment Partnership acquired the value-add asset within sought-after Howard County for $35 million, or $224,359 per unit.
Transwestern’s Mid-Atlantic Multifamily Group, composed of Executive Vice Presidents Dean Sigmon and Robin Williams, Vice President Justin Shay, and Senior Associate Michael D’Amelio, represented the seller and assisted the buyer in the transaction.
“Ashbury Courts is a tremendous investment for Corner Lot Advisors,” said Williams. “The asset is well located in a dynamic market and provides the ability to maximize value through strategic capital improvements, as well as the potential for additional density on the oversized parking lot.”
Constructed in 2008, Ashbury Courts represented a core-plus opportunity with attractive in-place assumable debt. The property has been well-maintained by prior ownership and benefits from its location within the Laurel and Howard County submarket, one of the region’s top apartment markets.
“Demand continues growing for value-add multifamily properties throughout Baltimore and Washington,” said D’Amelio. “We’re currently marketing Queen’s Park Plaza, a 94-unit apartment community in Hyattsville, Maryland, that offers significant operational and in-unit upside potential in a great location on Queens Chapel Road.”
Transwestern’s Mid-Atlantic Multifamily Group provides a full range of investment sales services throughout Maryland, Washington, D.C., Northern Virginia, Richmond, 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 Real Estate Services
Transwestern Real Estate Services (TRS) adds value for investors, owners and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Tenant Advisory + Workplace Solutions, Capital Markets, and Research & Investment Analytics.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. Through an integrated, customized approach that begins with good ideas, the firm drives value for clients across commercial real estate services, development, investment management and opportunistic endeavors for high-net-worth investors. Operating from 33 U.S. offices, Transwestern extends its platform capabilities globally through strategic alliance partners whose unique geographic, cultural, and business expertise fuels creative solutions. Learn more at transwestern.com and @Transwestern.
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