Terms of the deal were not disclosed. Rick Shinberg, ofBethesda, MD-based First Capital Realty, brokered the deal. Builtin 1983, it includes one-, two- and three-bedroom units and 24townhomes. It features a clubhouse, two swimming pools, two tenniscourts and a sport court and fitness center. The occupancy level atthe time of the sale was in the mid-90s.
The property is located just east of Capital Boulevard (US Route1.) "This property is directly south of Triangle Town Center is anarea that is experiencing growth," Mission Residential managingprincipal David Wieland tells GlobeSt.com. "It was previously ownedby an institutional investor so it's in great condition."
Wieland says the company plans to make some capital improvementsto the property, with the goal of raising rents.
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