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SUITLAND, MD-Morgan Properties of King of Prussia, PA has added to its multifamily holdings in the Greater Washington, DC area with its $25.5-million acquisition of a 324-unit multifamily property here. Called Silver Hill Gardens, the property is 93% leased at rents that CB Richard Ellis broker Mike Muldowney calls a good value for Prince George’s County. “The average rent at Silver Hill is $840 including utilities,” he tells GlobeSt.com. “You can’t get a three digit rent in [nearby] Montgomery County.”

CBRE’s Bill Roohan, Mike Muldowney, Michael Rudolph, Brian Margerum and Trish Bonebrake, in the company’s multi-housing team, represented the seller, Greenbelt-based Community Realty Co.

The new owner of the 43-year-old property intends to raise rents by $75 to $100 per month, according to Muldowney, after it invests in a rehab of the property. Altogether, Morgan Properties will likely spend between $7,000 to $8,000 per unit in overall improvements, he says

“The previous owners–a family-based operation–had maintained it fairly well but not done much to upgrade the interiors. Given the location and its proximity to the metro, this investment in upgrades will deliver good returns.”

Located at 3400 Pearl Dr., the apartments are next to the Suitland Metrorail stop and across the street from the Suitland Federal Center–a nearly three-million-sf complex that is home to the Washington National Records Center of the National Archives, the National Maritime Intelligence Service and is the future home of the US Census Bureau.

There is also significant private sector economic development under way in the area that is expected to drive demand for housing, Muldowney says, most notably the plans to create a town center at nearby Suitland Manor.

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