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

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.