Quantum Equities has acquired Admiral Place, a 410-unit, garden-style apartment community in the Washington, D.C., suburb of Morningside, Md., for $76 million.
Transwestern facilitated the deal for the value-add investment property on behalf of the seller, AMAC.
“This is a very well-located property that has been well maintained and provides an opportunity for the buyer to complete interior unit renovations,” Robin Williams, an executive vice president at Transwestern, told Commercial Observer.
Located at 4400 Rena Road, the seller has owned the property since 2014, and said it has executed its ownership plan for the property.
According to Williams, there is a shortage of multifamily properties in the Morningside submarket, resulting in low vacancy and strong, historical rent growth. Properties, then, have supported higher rents, outpacing surrounding submarkets. One-bedroom rents in the submarket run from about $1,300 to $1,700 a month, and two-bedrooms go for around $2,200, according to search engine Trulia.
Source: Commercial Observer
