BOWIE, MD—The Meridian at Bowie has traded for $71.8 million. Friedkin Realty Group was the buyer of the 384-unit property; the seller was Brookfield Asset Management.
CBRE's multifamily team of Bill Roohan, Mike Muldowney, Andy Boyer, Brian Margerum, Michael Rudolph, Jonathan Greenberg and Martha Hastings, represented the seller, which it did not disclose.
It is rare for multifamily assets to come to market in Bowie; even rarer for them to be built. The reason is the market's strict entitlement rules, Muldowney tells GlobeSt.com.
Since the 1980s, only four multifamily communities have been built in the area because entitlements are so difficult to secure, he says.
The limited supply -- according to the firm, there are no deliveries expected within the next 36 months – coupled with a projected population growth of 5.5% within the next four years – makes the Meridian at Bowie an attractive play for Friedkin, he adds.
Other pluses to the deal: the area's average annual household income is approximately $110,000, and the property is located near the Bowie Town Center, Bowie Gateway Center and other retail, entertainment and employment destinations.
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