ARA Newmark Brokers $131M Sale of Apartment Community in Metro D.C.
The Avanti, a 930-unit apartment community in District Heights, Md., is located roughly 11 miles southeast of Washington, D.C.
DISTRICT HEIGHTS, MD. — ARA Newmark has arranged the $131 million sale of The Avanti, a 930-unit multifamily community in District Heights, roughly 11 miles southeast of Washington, D.C.
Al Cissel, Ryan Ogden, Drew White and Mike Marshall of ARA Newmark arranged the transaction on behalf of the seller, Suitland Park LLC, an entity comprising Dragone Realty Investments and PCCP LLC. GMF Capital acquired the asset, and Dragone Realty elected to retain its ownership stake in the property.
“With the recent comprehensive renovation that Dragone and PCCP completed, The Avanti is positioned at the top of the submarket and will outperform the competition for the foreseeable future,” said Cissel. “The transaction worked out well for everyone and will capitalize on the strong demand for quality product in the area, resulting in high investment yields.”
Constructed in 1965 and renovated in 2012 and 2016, The Avanti includes one- to three-bedroom units and features wall-to-wall carpeting, ceramic and vinyl flooring, breakfast bars and walk-in closets.
Community amenities include a swimming pool, business center, dog park and fitness center.
Kelley Drye & Warren LLP provided legal counsel to Dragone Realty in the transaction. Morrison & Foerster LLP represented PCCP, and Neuberger, Quinn, Gielen, Rubin & Gibber PA represented GMF Capital.
GMF Capital LLC is a private alternative investment firm founded in Zurich in 2013. GMF’s investment platforms span several asset classes, including commercial real estate, healthcare and private equity.
Dragone Realty is a multifamily investment and management firm based in Bethesda, Md. The company specializes in rehabilitating distressed apartment communities in the metropolitan Washington, D.C., area.
— Camren Skelton and John Nelson