Press Releases

Transwestern Represents Seller Of 590-Unit Multifamily Asset

May 05, 2020

Washington – Transwestern Real Estate Services (TRE) announces its Mid-Atlantic Multifamily Group has brokered the sale of Villas at Langley, a 590-unit, value-add investment property in Hyattsville, Maryland. Klein Holdings sold the garden-style asset to Jair Lynch for $87.5 million, or $148,305 per unit. Transwestern Executive Vice Presidents Robin Williams and Dean Sigmon, Vice President Justin Shay and Multifamily Analyst Michael D’Amelio represented the seller in the transaction.

“Villas at Langley is a strategic purchase by Jair Lynch Real Estate Partners, as the Langley Park submarket of Hyattsville is supply-constrained for multifamily product,” said Williams. “There is considerable upside potential to increase rental revenue by completing capital improvements at the property.”

The property offered strong occupancy and demand fundamentals, with several competitive communities in the immediate submarket demonstrating a healthy demand for rental apartments and growing rental premiums. The location along University Boulevard is walking distance to two planned Purple Line light rail stations. The Purple Line will provide east-west connection between New Carrollton and Bethesda including stops in College Park and Silver Spring, connecting residents to employment centers in one of the best performing markets in the region.

“Investor interest was extremely strong for the Villas at Langley,” said Sigmon. “In this region, assets with such low vacancy that offer yield investment opportunities and organic rent growth are scarce.”

Low vacancy and strong historical rent growth have positioned Hyattsville as one of the region’s strongest and most consistent performers with long-term annual rent growth of 3.7% since 2015, according to Delta Associates First Quarter 2020 Washington Metro Area Class B Apartment Market Report. Rental demand and job growth in Hyattsville have outpaced many submarkets in the region, with Villas at Langley achieving consistent effective net growth during ownership while maintaining strong occupancy levels above 95% during the same period.

During the past 12 months, the Mid-Atlantic Multifamily Group has sold 13 apartment communities, totaling 3,578 units with a combined value of $617.8 million.

About Transwestern Real Estate Services

Transwestern Real Estate Services (TRE) 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, Occupier 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. An integrated approach formed from fresh ideas drives value for clients across commercial real estate services, development, investment management and opportunistic programs for high-net-worth investors. The firm operates through 34 U.S. offices and global alliances with BNP Paribas Real Estate and Devencore. Learn more at and @Transwestern.

Media Contact:

Hannah Krobock

Robin Williams

Executive Vice President

Bethesda, Maryland

(301) 896-9070

Dean Sigmon

Executive Vice President

Bethesda, Maryland

(301) 896-9089

Justin Shay, CCIM

Vice President

Bethesda, Maryland

(301) 896-9082

Michael D'Amelio

Senior Associate

Bethesda, Maryland

(301) 896-9077