Greystar Buys Suburban DC Heather Ridge Apartments for $92M
Greystar has acquired the Heather Ridge Apartments, a 324-unit multifamily asset in Bowie, Md., for $92 million.
Newmark represented the sellers, a joint venture between funds managed by the Ares Management Corp.‘s Real Estate Group and LCOR, in the deal.
Greystar is the largest apartment operator in the U.S., managing nearly $220 billion of real estate assets in 200 markets. The company plans to implement a light capital improvement program at Heather Ridge Apartments to upgrade the units.
Located at 16021 English Oaks Avenue, less than 20 miles to Washington, D.C., the Heather Ridge Apartments are next door to the 755,000-square-foot Bowie Town Center, an outdoor shopping mall. It’s also directly across the street from Bowie City Hall.
According to Newmark, suburban locations like Bowie — equidistant from Baltimore, Washington and Annapolis — are extremely popular with multifamily investors, given limited supply and access to excellent employment and retail.
“The extreme disruption we felt across the country due to the pandemic was quite severe; however, one bright spot has been the desirability of the suburban multifamily market,” Christine Espenshade, a vice chairman at Newmark, said in a prepared statement. “Today, even as restrictions are being lifted and vaccination rates continue to climb, there is still a robust demand for this type of product offering owners consistently strong rent growth.”
Newmark Vice Chairman Robert Garrish was also part of the team representing the seller in the transaction.