Transwestern Brokers Sale of 94-Unit Naturally Occurring Affordable Housing Asset
March 10, 2023
WASHINGTON – Transwestern Real Estate Services (TRS) announces its Mid-Atlantic Multifamily Group has brokered the sale of Queens Park Plaza, a 94-unit apartment community at 2500 Queens Chapel Road in Hyattsville, Maryland. Ernst Equities, LLC bought the naturally occurring affordable housing asset from Rimsi Corp. for $16.05 million, or $170,744 per unit. Transwestern Executive Vice Presidents Dean Sigmon and Robin Williams, Senior Vice President Justin Shay and Senior Associate Michael D’Amelio represented the seller in the transaction.
Built in 1968, Queens Park Plaza was owned and managed by RIMSI Corp for over 40 years. The property features a well-maintained, high-quality brick and block construction with a favorable mix of one-, two- and three-bedroom apartments with an average unit size of 797 square feet. Convenient access to multiple bus routes connecting to West Hyattsville Metro Station, less than a half mile away, and Brookland/Catholic University Station, less than two miles away, make this an ideal commuter location for residents working in both Maryland and Washington, D.C.
“This purchase allows new ownership to expand its market share in the immediate submarket and provides significant operational upside by streamlining expenses and implementing quality improvements,” said Sigmon.
Transwestern has completed investment sales transactions totaling more than $650 million in the past 12 months and currently has more than 1,600 units on the market or under contract.
“The sale of Queens Park Plaza marks our fourth transaction in less than 12 months where the buyer focused on preserving affordability, as we see continued interest from social impact or mission-based investors,” said Shay
Transwestern’s Mid-Atlantic Multifamily Group provides a full range of investment sales services throughout Maryland, Washington, D.C., Northern Virginia, Richmond, Delaware and Pennsylvania. 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.
A property photo is available for download here.
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.