Hyattsville’s Queens Park Plaza Changes Hands in $16M Deal
Ernst Equities has acquired Queens Park Plaza, a 94-unit apartment complex in Hyattsville, Md., for $16.05 million.
Located at 2500 Queens Chapel Road and built in 1968, Queens Park Plaza was owned and managed by RIMSI Corporation for more than 40 years.
The property features a mix of one-, two- and three-bedroom units with an average size of 797 square feet, most classified as naturally occurring affordable housing, according to Transwestern, which represented both sides of the deal.
“The attraction was a strong location, walking distance to the Metro station and attractive floor plans,” Dean Sigmon, executive vice president of Transwestern, told Commercial Observer. “The buyer will be preserving a portion of the apartments as affordable units based upon income levels.”
Queens Park Plaza is close to both the West Hyattsville Metro and Brookland/Catholic University Metro station.
“This purchase allows new ownership to expand its market share in the immediate submarket and provides significant operational upside by streamlining expenses and implementing quality improvements,” Sigmon said.
Joining Sigmon on the deal were Transwestern’s Robin Williams, Justin Shay and Michael D’Amelio.
Keith Loria can be reached at Kloria@commercialobserver.com.