LANDOVER, MD-With the assistance of Ideal Realty Group, a partnership involving the Bozzuto Group and Fannie Mae sold the 727-unit Coopers Crossing Apartments to Federal Capital Realty Partners for $47.5 million or $65,337 per-unit. For the partnership, the deal marks the turning of a nice profit.

“We sold the property to Bozzuto and Fannie Me for $32 million two years ago,” Robin Williams, senior vice president with IRG, tells GlobeSt.com. Bozzuto and Fannie Mae later relied on Bozzuto Construction for a $6 million renovation of the apartment community. Now, following the disposition, the partnership is left with a tidy $9.5 million return on its investment. IRG was the sole brokerage firm involved in the transaction.

Located on a nearly four-acre parcel along Rte. 450, Coopers Crossing was developed back in 1966 and consists of multiple low-rise structures, as well as a playground and the requisite swimming pool. Residential properties like Coopers Crossing are in great demand these days. According to Delta Associates’ Mid-Year 2004 Report on the investment grade, class B apartment market, the vacancy rate in Landover is at a mere 1%.

The timing of the partnership’s sale was just right given the fact that the property had stabilized at a much higher rent base, and that the demand for apartment properties remains strong. As for concrete interest among potential investors in Coopers Crossing, “I showed it 25 times,” Williams says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.