LAUREL, MD—Ares Management LP and PRP LLC have acquired a 335-unit luxury apartment building in this submarket. Terms of the deal were not disclosed but the Washington Business Journal reported that sources told it the property traded for more than $79 million, or $235,820 per unit.
Concord Park at Russett, is a three-building complex totaling 402,234 square feet. It is close to Fort Meade and the National Security Agency.
Despite its luxury status, Steve Wolf, partner in Ares Real Estate Group, said the company is viewing it as a value-add play. He said the company's value-add strategy is actually applied to stable assets that could be further enhanced.
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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.
