Workforce Housing Trades for $28M

LAUREL, MD-A renovated 218-unit apartment complex here has traded for $27.9 million, or $128,178 per unit. Westgate Apartment Investors LLC was the seller. The buyer was Westgate DNB Assoc., a subsidiary of Geller Assoc., in Roseland, NJ. The CBRE team of Mike Muldowney, Bill Roohan, Andy Boyer, Michael Rudolph, Brian Margerum, and Martha Hastings represented the seller.

The property was built in 1964 and then recently updated by the seller with new windows and kitchen finishes. At the time of its trade, Westgate of Laurel was approximately 93% occupied. The apartment complex is workforce housing, presenting a different choice to residents in the area that are being outpriced by the newer stock of housing.