UPDATE: Please read our update to this transaction here, where we discuss details about the price and what First Market's plans are for the properties.

HYATTSVILLE, MD-First Market Properties, a firm with offices in New York City and Miami, has closed on a locally-based portfolio consisting of 1,082 multifamily units. The company announced the deal late Wednesday afternoon. The portfolio consists of six properties, all located in Prince George's County.

First Market describes the purchase as "unique" in that it closed in escrow, followed by a waiting period before title was transferred. As a result, First Market had to pay cash instead of financing the acquisition through debt.

The company also had only 15 days for its due diligence and a 15-day close from contract signing. It was worth it, First Market Properties principal, Aaron Kurlansky said in a prepared statement, as the portfolio gives it entrée into what he calls "a submarket with a high barrier of entry and strong upside potential."

The acquired properties include:

• The 486-unit Bedford Station, located on the north side of University Boulevard between 14th and 15th avenues in Hyattsville. Constructed in 1950, it is a three-story garden style apartment buildings and 92.6% occupied.

• Eaton Square is a 48-unit property located on the north side of Sheriff Road between Harvey Drive and Dutch Village Drive in Landover. It was built in 1960 and is a three-story garden style apartment buildings with a 87.5% occupancy.

• Edmonton Station, at 119 units, is located on the north side of Quincy Street, also in Landover. The garden style community is 95.8% occupied and was constructed in 1948.

• The 115-unit Finchley Square is located on both the east and west sides of 38th Street in Brentwood. Constructed in 1943 it is currently at 92.2% occupancy.

• Newbury Square is 213 units and located on the east side of Riggs Road between Amherst Road and Van Buren Street in Hyattsville. Constructed in 1947, it is currently at 97.2% occupancy.

• The 101-unit Victoria Station is located on the southeast corner of 14th Avenue and Merrimac Drive in Hyattsville. Circa 1950, it is currently at 88.1% occupancy.