DC-Area Apartments Command $38M
By Keith Loria September 24, 2020 8:49 am
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A joint venture between July Residential and Firm Capital Apartment REIT has paid $37.5 million for 234-unit apartment community, North Pointe, in Hyattsville, Md., just northeast of D.C.
“FCP successfully completed our business plan of curing deferred maintenance, improving management, and upgrading common areas, while maintaining and preserving workforce housing in the Washington, D.C., metro area,” Scott Reibstein, an associate with FCP, told Commercial Observer. “Many of the attributes that we liked about the deal when we acquired it still hold true today—proximity to Metro, job centers—both in Prince Georges County and D.C.—and retail amenities.”
FCP originally acquired North Pointe in May 2012 for $14.75 million.
Situated at 5735 29th Avenue, the 19-building apartment community includes green spaces, as well as easy access to universities, shopping, restaurants and retailers, according to a prepared statement.
Over the past eight years, FCP data shows Hyattsville has seen tremendous growth with a number of new mixed-use and shopping projects delivering around the Metro station, per the statement.
According to Reibstein per the release, FCP wants to invest more in D.C.-area properties because “the region continues to demonstrate resilience and job growth, along with an increased need for workforce housing.”
“North Pointe provided much needed workforce housing in a rapidly growing submarket fueled by newly constructed luxury apartments,” he said. “We continue to seek opportunities that fit this profile today.”
Gates Hudson served as property manager under the old owner.
Brian Margerum, senior vice president at CBRE (CBRE), represented the seller in the transaction.
Update: This story originally misattributed source material. This has been corrected. We apologize for the error.
