Tuesday, July 22, 2025
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MarylandSoutheastStudent Housing

Greystar, Rockpoint Group Acquire Student Housing Community Near the University of Maryland

by John Nelson

COLLEGE PARK, MD. — A partnership between Greystar Real Estate Partners LLC and Rockpoint Group has acquired University View, a 1,573-bed student housing community located near the University of Maryland campus in College Park. The joint venture plans to implement full interior upgrades to units and enhancements to the common areas and amenity spaces, including the conversion of the existing pool area into a resort-style amenity. The two-building property features studio, one-, two-, three- and four-bedroom units alongside 9,218 square feet of ground-floor retail space. Community amenities include two fitness centers, a barre and yoga studio, instructor-led fitness classes and shuttle service to campus.

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HospitalityMarylandSoutheast

Pebblebrook Hotel Trust Completes $50.1M Sale of Doubletree Hotel in Metro D.C.

by John Nelson

BETHESDA, MD. — Pebblebrook Hotel Trust has closed on the $50.1 million sale of DoubleTree by Hilton Hotel Bethesda-Washington DC located at 8120 Wisconsin Ave. in Bethesda. The 270-room hotel features a business center, fitness center, coin-operated laundry service, restaurant, bar and lounge, meeting rooms and complimentary Wi-Fi. The buyer was undisclosed.

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District of ColumbiaMarylandMixed-UseSoutheastTop StoriesVirginia

Vornado to Spin Off D.C. Portfolio, Merge New Entity with JBG Cos. in $8.4B Transaction

by John Nelson

WASHINGTON, D.C. AND NEW YORK — The board of trustees at Vornado Realty Trust (NYSE: VNO) has approved the tax-free spinoff of its Washington, D.C., portfolio and has agreed to the subsequent merger of the new entity with JBG Cos. The transaction is valued at $8.4 billion. The company, known as JBG Smith Properties, will be structured as a real estate investment trust (REIT). Vornado shareholders are expected to own roughly 74 percent of the new company, JBG’s limited partners are expected to own approximately 20 percent and JBG management is expected to own the remaining 6 percent. JBG’s senior management team will lead JBG Smith, which will have a portfolio totaling 50 office properties spanning 11.8 million square feet, 18 multifamily properties totaling 4,451 residential units and 11 other properties totaling about 700,000 square feet. The new company will be the largest landlord to the U.S. government in Washington, D.C. The portfolio is situated in Washington, D.C., as well as the suburban Maryland markets of Columbia and Bethesda and Crystal City, Pentagon City, Rosslyn, Arlington and Reston in Virginia. Additionally, JBG Smith will have a pipeline of projects under construction and land for future development that could span more …

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MarylandRetailSoutheast

Simon Opens Clarksburg Premium Outlets in Metro D.C.

by John Nelson

CLARKSBURG, MD. — Simon has opened Clarksburg Premium Outlets, a 392,000-square-foot outlet mall located at 22705 Clarksburg Road in Clarksburg, about 30 miles north of Washington, D.C. Simon developed the property in a joint venture arrangement with New England Properties and Streetscape. Retailers operating at Clarksburg Premium Outlets include a Nike Factory Store, Under Armour, Ann Taylor Factory, Banana Republic Factory, Gap Outlet, Armani Outlet, Kate Spade New York, Michael Kors, Saks Fifth Avenue OFF 5th, All Saints and Tory Burch. The property is the country’s first two-story outdoor outlet shopping center and Simon’s second LEED-certified Premium Outlet center.

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District of ColumbiaMarylandSeniors HousingSoutheastTop StoriesVirginia

HCP Acquires Seniors Housing Portfolio in Mid-Atlantic for $186.3M

by John Nelson

BALTIMORE AND WASHINGTON, D.C. — An affiliate of HCP Inc. (NYSE: HCP), a seniors housing REIT based in Irvine, Calif., has purchased a portfolio of assisted living and memory care properties in the Mid-Atlantic for approximately $186.3 million. Developed between 1993 and 2013, The Morningside House Mid-Atlantic Portfolio consists of seven seniors housing communities located in the greater Baltimore and Washington, D.C. areas. The seller, a joint venture between Morningside House Senior Living and Harrison Street Real Estate Capital, sold the portfolio for roughly $354,000 per unit. HCP has selected Chicago-based Senior Lifestyle Corp. to operate the assets. The portfolio included: — Morningside House of Ellicott City in Ellicott City, Md. — Morningside House of Friendship in Hanover, Md. — Morningside House of Laurel in Laurel, Md. — Morningside House of Satyr Hill in Parkville, Md. — Morningside House of Leesburg in Leesburg, Va. — Morningside House of Saint Charles in Waldorf, Md. and — Poet’s Walk Memory Care in Fredericksburg, Va. Lisa Widmier and Matthew Whitlock led CBRE Capital Markets’ National Senior Housing team in representing the joint venture in the sale. “This transaction had multiple moving parts, including a new operator — Senior Lifestyle — partnering with a …

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MarylandMultifamilySoutheast

IBDAR Bank Acquires Apartment Community in Metro D.C. for $78M

by John Nelson

MONTGOMERY COUNTY, MD. — Ibdar Bank, a Bahrain-based wholesale Islamic investment bank, has purchased a 326-unit apartment community in Montgomery County for $78 million. Built in 2001, the garden-style property is situated roughly 25 miles from downtown Washington, D.C. Ibdar Bank will renovate the asset, which is expected to yield a more than 9 percent return on investment. The seller and the name of the property were not disclosed.

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LoansMarylandMultifamilySoutheast

Capital One Closes $50.5M Refinancing of Apartment Community in Metro D.C.

by John Nelson

SILVER SPRING, MD. — Capital One has provided a $50.5 million loan to repay an existing construction loan on Fenwick Apartments, a Class A, six-story apartment community in Silver Spring, a little over six miles north of Washington, D.C. Capital One provided the three-year, floating-rate loan to the borrower, Insight Property Group. The loan’s initial term is interest-only. Two optional one-year extensions have amortization on a 30-year schedule utilizing a 3 percent interest rate. Built in 2014, Fenwick Apartments consists of 310 units, including 39 affordable units, and is located within walking distance to the Washington Metropolitan Area Transit Authority’s Silver Spring station. Community amenities include a pool deck with cabanas, clubroom, billiards, TV gaming area and an outdoor living room with a fire pit. The community was 94 percent occupied as of July.

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Market ReportsMarylandMultifamilySoutheastSoutheast Market Reports

Job Growth, Proximity to D.C. Help Boost Baltimore Multifamily Rents, Supply

by John Nelson

Historically overlooked along the East Coast, Millennial migration has symbolized the dawn of a new day in Charm City. The recent influx of a budding dynamic workforce to Baltimore’s urban core neighborhoods has driven the fourth largest increase in college-educated young professionals amongst metro areas nationwide. These young professionals followed substantial job migration resulting in a paradigm shift from Washington, D.C., and other major Mid-Atlantic employment centers. Baltimore’s labor market has demonstrated year-over-year gains since 2010. As of March 2016, Baltimore metro-area non-farm employment totaled 1.4 million, up 2.6 percent over the past year, as compared to 2 percent growth nationally over the same period, according to data from the U.S. Bureau of Labor Statistics. The professional and business services sector contributed the largest gains since March 2015, adding 13,500 jobs to Baltimore’s work force, representing a growth rate of 6 percent over the prior year. The recent surge in employment has driven sustained demand for rental housing, pushing vacancy rates to historic lows and placing upward pressure on rents. Despite its rapid ascension, Baltimore continues to benefit from its proximity to other East Coast cities, which have experienced economic expansion as well, with Baltimore remaining the most affordable of …

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MarylandMultifamilySoutheast

PRP Acquires Apartment Community in Maryland for $70.4M

by John Nelson

GERMANTOWN, MD. — PRP LLC has acquired The Park at Kingsview Apartments, a 326-unit, Class A apartment community located in the Kingsview community of Germantown. PRP purchased the property from TA Associates Realty for $70.4 million. Built in 2001 with average unit sizes of 1,055 square feet, The Park at Kingsview features a swimming pool, clubhouse, fitness center with an aerobic studio, conference room/business center, lounge with a fireplace and a children’s play room. The community also offers walking, jogging and biking trails, tennis courts, playgrounds, a picnic pavilion and a dog park. PRP plans to implement a $3.5 million renovation of the property, including a renovated clubhouse, new pool area, in-unit renovations featuring new kitchens, stainless steel energy-efficient appliances, quartz countertops, 42-inch espresso cabinetry, nickel hardware, new lighting, new bathrooms and wide plank flooring.

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IndustrialMarket ReportsMarylandSoutheastSoutheast Market Reports

Baltimore Industrial Revolution Fueled by Consumer Products Sector

by John Nelson

Bigger — and strategically located — continues to be better in the Baltimore metropolitan region when it comes to the industrial real estate product sector. Blink your eye these days in Charm City, and you might miss the latest 100,000- to 500,000-square-foot transaction that transpired, fueled by the seemingly insatiable appetite among retailers to warehouse consumer products near large population areas and maintain same-day or next-day delivery models. Companies involved with the production and distribution of food products and home goods are the next most prolific users of warehouse and industrial space. The avalanche of large-scale logistics-related leases first started in 2014 when Amazon.com leased a 1 million-square-foot fulfillment center with Duke Realty in Baltimore City. Recent notable activity includes RPM Warehouse (435,000 square feet at Baltimore Crossroads in White Marsh); Pier 1 Imports (644,000 square feet in Harford County); Ikea (300,000 square feet with Federal Capital Partners in Halethorpe); Canusa Corp. Fiber Group (320,000 square feet in Dundalk); Sephora Americas (320,000 square feet of renewal space in Harford County, plus an additional 620,000 feet of new space); FedEx Ground (300,000 square feet at TradePoint Atlantic); US Lumber (260,000 square feet with MCB Real Estate and One Liberty Properties); Capital …

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