Takoma Park Apartment Portfolio Changes Hands in $8M Deal
By Keith Loria April 13, 2022 12:26 pm
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A joint venture between several private companies, including TPH Flower and Longford Management Parties, has acquired a 48-unit apartment portfolio in Takoma Park, Md., for $7.9 million.
The seller was a private family that held the building under an LLC, Mader Farms LLC, based in Baltimore, and owned the properties for approximately 20 years. The family was looking to centralize all of its holdings and regroup in Baltimore, according to Eastern Union, which represented both sides in the deal.
Located about 7 miles northeast of Washington, D.C., the apartments in the portfolio have five addresses, with 22 units at 702 Chaney Drive, and the remainder between 8501 and 8611 Flower Avenue.
“The location of the asset is immediately next to Sligo Creek Park between Takoma Park and Silver Spring — a very quiet area with a great need of newly renovated units, per market desires,” Alex Bensahel, the director of the investment sales division for the Bethesda-based mid-Atlantic group of Eastern Union who worked on the deal, told Commercial Observer.
The assets are located near several retail centers, Bensahel added. “This makes it extremely convenient for both current and future tenants to remain close to home while taking care of their daily lifestyle requirements,” he said.
The Takoma Park apartments, which were built in the 1950s, range in size, with an average of 887 square feet per unit. The average price per apartment was $164,584, which Eastern Union noted was one of the highest prices per unit in the Takoma Park area in the past year.
“Reflecting Eastern Union’s commitment to superior customer service, we sold these properties at a price that aligns with the highest prices now being commanded in Takoma Park,” he said.
The buyer will be looking to add value by renovating a substantial number of units that need work, according to Bensahel.
“The appeal of the property was its uniqueness in the area and its ability to create better living conditions to its residents,” he said.
Bensahel was assisted in the deal by the firm’s Rahmaan Streater, vice president of operations.
Keith Loria can be reached at Kloria@commercialobserver.com.
