UPPER MARLBORO, MD-Largo Center, a 100-unitapartment community located at 520 Largo Center Dr., has traded for$11.6 million. Greysteel's Ari Firoozabadi, John Mullen, W.Kyle Tangney, Lance Ahmadian, Caleb Brown, andMike Bediones brokered the transaction betweenBoston Capital and Humphrey-StavrouAssociates and Beachwold Residential,which acquired the affordable housing community.

Built in 1994, Largo Center is a three-building complex locatedwithin walking distance of Large Town Center Metro Station. Theproperty is an expired tax credit deal, Mullen explains--now inyear 20 of its existence it has satisfied its regulatoryrestriction. Largo Center presents considerable upside because therents have been far below market rates, he tells GlobeSt.com."Other nearby properties are getting considerably more inrent."

The property is also a smart buy from a pure cash flowperspective, he adds. In addition, the value will appreciate evenfurther as the area continues to build out. The new Prince George's259-bed hospital is being developed close by, Mullen notes. Theoffering attracted a lot of interest for these various reasons,Mullen says. "We had the market rate buyers, the affordable buyersand the cash flow buyers all competing for this deal."