"We sold the property to Bozzuto and Fannie Me for $32 milliontwo years ago," Robin Williams, senior vice president with IRG,tells GlobeSt.com. Bozzuto and Fannie Mae later relied on BozzutoConstruction for a $6 million renovation of the apartmentcommunity. Now, following the disposition, the partnership is leftwith a tidy $9.5 million return on its investment. IRG was the solebrokerage firm involved in the transaction.

Located on a nearly four-acre parcel along Rte. 450, CoopersCrossing was developed back in 1966 and consists of multiplelow-rise structures, as well as a playground and the requisiteswimming pool. Residential properties like Coopers Crossing are ingreat demand these days. According to Delta Associates' Mid-Year2004 Report on the investment grade, class B apartment market, thevacancy rate in Landover is at a mere 1%.

The timing of the partnership's sale was just right given thefact that the property had stabilized at a much higher rent base,and that the demand for apartment properties remains strong. As forconcrete interest among potential investors in Coopers Crossing, "Ishowed it 25 times," Williams says.