LAUREL, MD-A renovated 218-unit apartmentcomplex here has traded for $27.9million, or $128,178 per unit. Westgate ApartmentInvestors LLC was the seller. The buyer wasWestgate DNB Assoc., a subsidiary ofGeller Assoc., in Roseland, NJ. TheCBRE team of Mike Muldowney, Bill Roohan,Andy Boyer, Michael Rudolph, Brian Margerum, andMartha Hastings represented the seller.
The property was built in 1964 and then recently updated by theseller with new windows and kitchen finishes. At the time of itstrade, Westgate of Laurel was approximately 93% occupied. Theapartment complex is workforce housing, presenting a differentchoice to residents in the area that are being outpriced by thenewer stock of housing.
"It is quality housing at an affordable price," Muldowney tellsGlobeSt.com. The influx of higher-priced apartment complexes in thearea is understandable—generally speaking, the region aroundFort Meade, the National Security Agency, DefenseInformation Systems Agency, and US CyberCommand has been attracting a wide range of well-paying,high-tech jobs.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
