COLUMBIA, MD-The Greens at Columbia, a 187,952-square-foot, 168-unit garden apartment complex located at 12215 Little Patuxent Parkway here has traded for $25.6 million. New York-based Home Properties purchased the property from a limited partnership in Baltimore.
As part of the transaction, it assumed the existing $9.5 million debt from M & T Realty Capital Corp./Fannie Mae. Bill Roohan, Mike Muldowney, Michael Rudolph, Brian Margerum and Martha Hastings of CB Richard Ellis’ Washington DC Multi-Housing Investment Properties group brokered the transaction.
Roohan tells GlobeSt.com that the property traded at a 4.9% historical cap rate and a per forma cap rate of 5.8%. Built in 1986, the property has been in the hands of the developer ever since. It has been well-maintained, Roohan says, except that the kitchens have never been updated. Home Property plans to take care of that project, Roohan says.
Multifamily, of course, has been a hot asset class in the DC area. Recent trades and/or development activity include Abdo Development and the Bozzuto Group’s $200-million project at Catholic University of America’s South Campus and the sale of the Argent, a 96-unit, 91,483-square-foot mid-rise apartment complex in Silver Spring, MD, for $24.8 million.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
