UPPER MARLBORO, MD. — An affiliate of Equus Capital Partners Ltd. has acquired a six-building, 576,852-square-foot industrial portfolio in Upper Marlboro, about 21 miles outside of Washington, D.C. The properties are situated within Collington Industrial Park in Prince George’s County and range in size from 50,000 to 150,000 square feet. Mapletree Investments Pte Ltd. sold the properties, which were approximately 90 percent leased at the time of sale, for $102.6 million. Jonathan Carpenter, Jim Carpenter, Graham Savage, Dawes Milchling and James Check of Cushman & Wakefield’s Northeast Industrial Advisory Group represented Mapletree in the transaction. Tim Feron, Laura Brestelli and Tucker Scaringe of Equus oversaw the acquisition and financing for the portfolio, which Equus purchased on behalf of a value-add fund that it sponsors.
Maryland
BALTIMORE — Berkadia has brokered the $73 million sale of 1901 South Charles, two apartment buildings located across the street from each other in south Baltimore. The property consists of The Lofts (193 units at 1901 S. Charles St.; built in 2012) and The Flats (152 units at 2 E. Wells St.; built in 2015). The properties were approximately 95 percent occupied at the time of sale and are certified LEED Gold. Drew White, Brian Crivella, Carter Wood, Bill Gribbin, Yalda Ghamarian and Cole Carns of Berkadia represented the seller, New York-based Benefit Street Partners, in the transaction. The privately held buyer, San Francisco-based FPA Multifamily, assumed an existing HUD loan assumption as part of the transaction. The Lofts and The Flats comprise studio, one- and two-bedroom units that average 853 square feet in size and feature fully equipped kitchens with granite countertops, oversized windows, full-size washers and dryers, walk-in closets, 9-foot ceilings and patios/balconies in select units. Amenities include a 5,000-square-foot residential lounge, courtyard with grilling stations, 24-hour fitness center, rooftop deck with views of the Baltimore skyline and indoor parking with 534 spaces.
Newmark Provides Agency Refinancing for New 350-Unit Apartment Community in Frederick, Maryland
by John Nelson
FREDERICK, MD. — Newmark has provided a Fannie Mae near-stabilization loan for the refinancing of EDE, a new 350-unit apartment community in Frederick. The amount of the fixed-rate loan was not disclosed. Adam Randall, John Westby-Gibson and Drake Blodgett of Newmark originated the five-year, interest-only loan on behalf of the borrower, The Goldstar Group. Completed in 2024, EDE features a mix of studio, one-, two- and three-bedroom apartments, as well as a resort-style pool with a sun shelf and daybeds, clubroom, 24-hour fitness center, coworking spaces and a coffee bar.
MRP Realty, Prime Finance Purchase Office Portfolio in Downtown Bethesda, Maryland Via Foreclosure
by Abby Cox
BETHESDA, MD. — A joint venture between MRP Realty and Prime Finance has acquired Bethesda Crescent, a four-property office portfolio in downtown Bethesda, via foreclosure. Totaling 287,529 square feet, the properties included 7475 Wisconsin Ave., 7401 Wisconsin Ave., 4600 East-West Highway and 4650 East-West Highway. No brokers were involved in the transaction. The new ownership plans to reposition Bethesda Crescent, plans of which were not released.
HUNT VALLEY, MD. — Locally based St. John Properties Inc. has purchased a three-building office portfolio within North Park, a business park in Baltimore County. The properties span 295,000 square feet combined and are located at 4, 6 and 10 N. Park Drive in Hunt Valley. The portfolio is leased to tenants including Travelers Insurance, RCM&D, AP Benefits Advisors and AECOM. Onsite amenities include a conference center with catering kitchen, fully equipped fitness center, walking trails and a full-service deli. Gerry Trainor, Jim Cardellicchio and Rowan Miller of Transwestern represented the undisclosed seller in the transaction, and Sean Doordan and Alex Lyons represented St. John Properties internally. The sales price was also not disclosed. The new ownership plans to invest in capital improvements within the newly acquired portfolio, including new HVAC equipment, landscaping, signage and updated common areas. The North Park acquisition brings St. John Properties’ Baltimore County holdings to more than 4.6 million square feet.
SILVER SPRING, MD. — A partnership between St. Louis-based Sansone Group and locally based data center operator Priseda has acquired a 214,000-square-foot data center located in Silver Spring, just north of Washington, D.C. JLL Capital Markets arranged acquisition financing through Maryland-based Poverni Sheikh Group (PSG). The tier IV data center currently supports mission-critical operations and is slated for infrastructure enhancements, including the modernization of tier transitions, which will improve data center infrastructure performance and reliability, as well as an expansion of power capacity up to 100 megawatts. The new ownership is actively leasing the property and has secured a long-term lease with an undisclosed anchor tenant.
LAUREL, MD. — CBRE has arranged the sale of a 55,598-square-foot medical outpatient building located at 7140 Contee Road in Laurel, about 22 miles northeast of Washington, D.C. Catalyst Healthcare Real Estate sold the property, which is anchored by the University of Maryland Medical System and the University of Maryland Faculty Physicians, to UDLR Partners, a joint venture between GI Partners and former executives from Healthcare Trust of America. Chris Bodnar, Brannan Knott, Mindy Berman, Zack Holderman, Cole Reethof, Jesse Greshin and Tim Connolly of CBRE represented the seller in the transaction. The sales price was not disclosed. Delivered in spring 2024, the medical outpatient building is located on the campus of the University of Maryland Laurel Medical Center. Both properties were constructed on a parallel timeline, marking the completion of Phase I of a health and wellness destination campus.
Logistics Property Co. Breaks Ground on 270,000 SF Industrial Development in Beltsville, Maryland
by John Nelson
BELTSVILLE, MD. — Logistics Property Co. (LogiPropCo) has broken ground on Beltsville Logistics Center, a two-building, 270,000-square-foot industrial development in the Washington, D.C., suburb of Beltsville. The property is situated on Md. Route 200 and has immediate access to I-95. Building 1 at Beltsville Logistics Center will total 147,358 square feet and Building 2 will total 122,606 square feet. Both buildings will feature 32-foot clear heights, ample dock doors and auto parking spaces. The design-build team includes FCL Builders (general contractor), Powers Brown Architecture (architect), LJB Engineering (structural engineer) and Salas O’Brien (MEP engineer). LogiPropCo expects to deliver the development in third-quarter 2026.
Elme Communities Agrees to Sell Multifamily Portfolio to Cortland for $1.6B as Part of Liquidation Plan
by John Nelson
BETHESDA, MD. AND ATLANTA — Elme Communities (NYSE: ELME), a Maryland-based multifamily owner-operator that previously operated as WashREIT, has entered into a purchase and sale agreement with an affiliate of Cortland Partners, an Atlanta-based multifamily investment and management firm. Under the terms of the transaction, Elme would sell 19 apartment communities to Cortland for $1.6 billion in an all-cash deal. “We are pleased to have reached an agreement with Cortland that recognizes the greater value of these 19 Elme communities and their long-term potential when coupled with Cortland’s economies of scale,” says Paul McDermott, president and CEO of Elme. “We believe Cortland will be an excellent steward of the properties and that this sale will facilitate a seamless transition of ownership, enabling continuity of operations for our residents and community teams.” Steven DeFrancis, CEO of Cortland, said that the portfolio will grow the company’s presence in the Washington, D.C., region and in its home state of Georgia. “We’re excited to welcome these communities into the Cortland family and deliver the exceptional living experience residents have come to expect from our brand,” says DeFrancis. The properties include: Goldman Sachs & Co. LLC and Jones Lang LaSalle Securities LLC are acting as …
Horning Acquires 288-Unit Multifamily Community in Suburban D.C., Places Income Restrictions
by Abby Cox
HYATTSVILLE, MD. — Horning has acquired Plaza Towers Apartments, a 288-unit multifamily community located in Hyattsville, a suburb of Washington, D.C. Horning has agreed to 99-year affordability covenants on all the building’s units, capping rents between 40 and 80 percent of the area median income (AMI). Amazon’s Housing Equity Fun provided $18.7 million in low-cost financing, while Prince George County contributed $3 million through its Right of First Refusal Preservation Fund, as well as a Payment in Lieu of Taxes (PILOT) for an undisclosed value. Additionally, an unnamed Freddie Mac Optigo lender provided senior debt financing. Built in 1964 near the University of Maryland’s College Park campus, the 11-story building houses 44 studio, 158 one-bedroom, 62 two-bedroom and 24 three-bedroom apartments. Community amenities include a business center, fitness room, club room, bike storage, playground and an outdoor pool. Horning plans to invest in the property with updated infrastructure and building systems. The buyer’s property operator affiliate, Horning Management Co,. will provide management services for Plaza Towers.
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