GREENBELT, MD—A source tells GlobeSt.com that Glen Oaks, a 463-unit apartment building here is trading for $73.5 million, or $158,747 per unit, to BE Glen Oaks LLC, a limited liability company formed in October 2014 in Delaware.
Located at 7509 Mandan Rd., the building delivered in 1979 and was renovated in 2007.
The seller is a joint venture between Ross Development and Investment and Rockwood Capital.
At one time the property was included in a seven-asset portfolio. In 2007 the then-Sonnenblick Goldman arranged a $346 million loan for the 2,509-unit portfolio which also included Park at Landmark in Alexandria, VA; the Summerlyn Place in Laurel, MD.; Cypress Creek in Hyattsville, MD.; and Cambridge Crossing, Sutton Walk and Lenox Court in New Carrollton, MD.
The owners had plans for a $46 million capital improvement program at that time.
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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.
