The Edition Multifamily Complex in DC Suburb Commands $103M
Akelius has acquired The Edition, a 351-unit multifamily community in the Washington, D.C., suburb of Hyattsville, Md., from a joint venture of Fore Property Company and PCCP for $103 million.
Newmark represented both sides of the transaction in the trade of the LEED Silver-certified property.
“The property was listed for sale upon stabilization, which was their original business plan,” Christine Espenshade, a vice chairman at Newmark, told Commercial Observer. “The buyer has been in the D.C. market for a number of years, but this was their first acquisition in Maryland. They liked the asset for its access to transit and retail.”
Located at 3401 East-West Highway, the property is in walking distance to numerous retail and lifestyle amenities, as well as the Prince George’s Community College and The Mall at Prince George’s.
The property was delivered in 2019, and units feature gourmet kitchens; energy-efficient, stainless steel appliances; and expansive walk-in closets. Amenities include a two-story fitness center, a resort-style pool and an expansive courtyard with a fire pit and BBQ grills.
Recent Newmark research revealed that more people will likely work remotely from their homes post-pandemic, and that underlying growth trends in remote working will probably result in a greater percentage of renters considering layout, design, amenities and location more carefully when picking a place to live.
“During COVID-19, we’ve witnessed many people moving out of dense urban cores into the first suburban ring that offers more living space, a lower cost of living and a walkable community,” Espenshade said. “The Edition is a Class A rental property in an up-and-coming location that garnered a lot of interest from potential investors due to its high-quality offerings and desirable location in the heart of the stable mid-Atlantic market.”
Newmark’s Robert Garrish, a vice chairman, also helped to facilitate the deal.
The transaction marks the first Maryland acquisition for Akelius, which owns nearly 2,000 rental apartments in Metro D.C., in addition to other real estate holdings across the globe.