X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

FORESTVILLE, MD-A $53.6-million transaction has resulted in a change of ownership for Forest Creek, a 930-unit apartment community in Prince George’s County. Miles Property acquired the multifamily property from the Artery Group, with Robin Williams of Ideal Realty Group orchestrating the deal as the sole broker.

The sale figure of $57,635 per unit surpassed the sale price for the one other apartment complex to sell in the city this year, which commanded nearly $52,900 per unit, according to Delta Associates’ Mid-Year 2005 Report on the investment grade, class B apartment market.

Forest Creek occupies a 39-acre parcel off the Capital Beltway near the 470,000-sf Centre at Forestville regional shopping mall. Consisting of 69 garden-style brick structures, the property was developed in 1963 and renovated in 1982. The complex is divided into two phases, with the first accounting for 558 units and the second offering 372 units.

“There was a great deal of interest in the property among investors,” Ideal Realty associate Cameron J. Manesh tells GlobeSt.com. “We had multiple offers.”

Forest Creek’s Prince George’s County location appealed to hopeful buyers. “For the past 10 to 20 years, Fairfax and Montgomery have been the darling counties of the Washington metro area,” Ideal Realty president Allen Manesh says. “While these counties are still good investments, the best values for the multifamily market are in Prince George’s County. This is attributed to growing populations, increasing demographics and steady job growth.”

Manesh notes that infrastructural improvements such as the Woodrow Wilson Bridge upgrade and the addition of new Metro stations, as well as the impending onslaught of major mixed-use developments–the $2-billion National Harbor which is currently in the works–will put further demand on the area’s multifamily market. As per Delta Associates, the overall average vacancy rate is 3.8% among Prince George’s leading submarkets and 2.8% in Forestville.

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?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.