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TAKOMA PARK, MD—The Montgomery County government has acquired 1001, 1003, & 1005 East University Blvd. in Takoma Park for $1.52 million from a local investor. It has assigned the property to the Montgomery Housing Partnership, a non profit affordable housing property manager and owner.

David Weber, a senior associate in Marcus & Millichap’s Washington, D.C., office who had the listing to market the property, says the acquisition price was low on a per-unit basis for Montgomery County because of Takoma Park’s rent control laws.

“Because the amount you can raise rents every year is very low, it has a negative affect on buildings in that area,” he tells GlobeSt.com. Ordinarily, a 20-unit building would be worth about $100,000 per unit, he says, instead of $80,000 per unit. The property was under contract when Montgomery County enacted its right of first refusal to buy it for its affordable housing program.

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