Eastern Union Sells Portabello Apartments in Suburban DC for $42M
Eastern Union has facilitated the $42 million sale of the former Portabello Apartments, a 254-unit multifamily complex in the Washington, D.C., suburb of Oxon Hill, Md.
The buyer was not disclosed. The seller was listed as a Bethesda LLC, which acquired the property in 2003, according to public records.
The property will now be branded as a Spark Living property, known for being eco-friendly communities, with its new name, Spark Oxon Hill.
“It was time for the sellers to pass this on to the next lifecycle, and the majority of the appeal of the property was the value-add component,” Alex Bensahel, director of Eastern Union’s investment sales division, told Commercial Observer. “There was a strong ability to hit the target investment returns in a relatively quick turnaround time.”
Located at 6441 Livingston Road, approximately two miles from National Harbor, the complex offers one-, two-, and three-bedroom apartments with rents between $1,145 to $1,820 a month.
Bensahel noted the off-market transaction was completed in less than 12 days, showing the vitality of the multifamily market in the area.
“If you look at the growth of Prince George’s County over the past 12 to 18 months, values have probably jumped about 55 percent,” he said. “Properties that were trading 18 months ago around $110,000 a unit are now trading at $185,000 a unit.”
Joining Bensahel on the deal were Eastern Union’s Senior Managing Director, Marc Tropp, and Managing Director David Merkin.
“Eastern Union was able to leverage our deep connections within the region, combined with our company’s national database of investors,” Bensahel said. “This powerful combination of resources enabled us to generate enormous interest in this transaction.”
Keith Loria can be reached at firstname.lastname@example.org.