Plaza Towers

JLL Secures $50.1M Acquisition Financing for Multifamily Property in Metro D.C.

by Julia Sanders

HYATTSVILLE, MD. — JLL has secured $50.1 million in acquisition financing for Plaza Towers, a 288-unit, high-rise apartment community located in Hyattsville, about 6.9 miles from Washington, D.C. Jamie Leachman, Chris Hew, Amit Kakar and Carter Wroblewski of JLL arranged the three-year, floating-rate loan on behalf of the borrower, Jair Lynch Real Estate Partners.

Jair Lynch purchased the asset for $65.8 million, or $228,929 per unit. Dean Sigmon, Robin Williams, Justin Shay and Michael D’Amelio of Transwestern Real Estate Services represented the sellers, The Donaldson Group and New York-based Angelo Gordon & Co., in the transaction.

Partially renovated in 2019 and 2020, Plaza Towers offers studio, one-, two- and three-bedroom units averaging 826 square feet. Select units feature abundant closet space, dishwashers, built-in microwaves, plank vinyl flooring, private balconies or patios, granite countertops and stainless steel appliances. Community amenities include an outdoor pool, laundry facility with resident lounge and clubroom, fitness center, business center, playground, grilling and picnic areas and a bike storage room.

Located at 6700 Belcrest Road, the property is situated within a half-mile from The Mall at Prince George’s, a shopping mall with retailers such as Five Below, Ulta Beauty, Foot Locker and T.J. Maxx. The property is also 1.2 miles from the University of Maryland College Park and 18.6 miles from National Harbor.

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