Transwestern Represents Seller of 283-Unit Multifamily Asset
September 11, 2019
WASHINGTON, D.C. – Transwestern Commercial Services (TCS) today announces its Mid-Atlantic Multifamily Group has brokered the sale of Ashton Heights, a high-rise, value-add investment property comprising 283 units at 3901 Suitland Road in Suitland, Maryland for $45.8 million. TCS Executive Vice Presidents Robin Williams and Dean Sigmon, Vice President Justin Shay and Multifamily Analyst Michael D’Amelio represented the seller, Orlo, in the transaction.
Currently 96% occupied, the property is in Prince George’s County, one of the best-performing areas in the region. The well-maintained, 1970s vintage community is part of the submarket revitalization that includes new walkable retail and entertainment centers, as well as significant renovations to existing apartment communities.
“This particular area is becoming increasingly popular and seeing growing demand,” said Williams. “We have sold four other communities in Prince George’s County over the past year, representing more than 2,000 total apartment units with a value of $260 million. We have an additional $145 million under contract scheduled to close in the next few months, including a property across the street from Ashton Heights. It’s an incredibly promising sign of the stimulation in the county.”
Low vacancy combined with strong historical rent growth has made southern Prince George’s County one of the most consistent and strongest performing in the region. Rental demand in this submarket will allow the property to continue to garner strong monthly rental premiums while also benefitting from organic income growth on renewal.
“This location is hard to beat,” said Shay. “Being directly adjacent to the Washington, D.C. border is a huge benefit, and it presents residents with unparalleled access to public transportation systems in both Maryland and the District.”
The community’s proximity to Pennsylvania Avenue Suitland Parkway, the Suitland and Naylor Road Metro Stations and The Capital Beltway (Interstate 495/95) also offers residents convenient access to employment centers throughout Washington, D.C., Maryland and Virginia.
The TCS Mid-Atlantic Multifamily Group provides a full range of 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.
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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.