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PITTSBURGH COMPANY PURCHASES MARYLAND APARTMENTS FOR $14.45 MILLION

TAKOMA PARK, MD. — Pittsburgh-based McKinney Properties has purchased the 222-unit Fairview Apartments, located on New Hampshire Avenue in Takoma Park, from an undisclosed seller for $14.45 million. The property, which was constructed in 1962 on 9.22 acres, encompasses a five-story mid-rise and six townhouse buildings. McKinney has already renamed the property Takoma Landing and plans on investing $4 million for renovations to the complex. CBRE Melody arranged a 15-year Freddie Mac loan to finance the acquisition, and further funding was provided by McKinney’s MP Realty Partners Fund III.

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