Hyattsville, MD — Newmark announced the $103M sale of The Edition, a 351-unit multifamily asset located at 3401 East-West Highway in Hyattsville. The property was marketed by Newmark on behalf of a venture between Fore Property Company and PCCP, LLC and sold to Akelius. Newmark’s vice chairmen Christine Espenshade and Robert Garrish were the sole brokers on the transaction.
The property’s location in Hyattsville offers an upwardly mobile population of residents who have quick access to mass transit. The shifting demographics of COVID-19 have made walkable suburban-like areas more in-demand as the workforce continues to stay local and require more living space.
“During COVID-19, we’ve witnessed many people moving out of dense urban cores into the first suburban ring that offers more living space, a lower cost of living and a walkable community,” said Espenshade. “The Edition is a class A rental property in an up-and-coming location that garnered a lot of interest from potential investors due to its high-quality offerings and desirable location in the heart of the stable Mid-Atlantic market.”
According to Newmark Research, in a post-pandemic era, it is likely that more people will work remotely from their homes than was occurring pre-pandemic. Indicators suggest the remote workforce will remain at least somewhat elevated as a legacy of COVID-19. Regardless, underlying growth trends in remote working already present pre-pandemic will likely cause a greater percentage of renters to consider layout, design, amenities and location carefully concerning remote work needs.
This transaction marks the buyer’s first purchase in Maryland.
The Edition is a luxury, transit-oriented, mid-rise rental community located on the border of Washington, DC in Hyattsville, MD, built on the former Kiplinger’s new site. The LEED Silver-certified property was delivered in 2019 and consists of 351 apartment homes
Rockville, MD — Newmark announced the $32,680,000 sale of the Twinbrook Office Center at 1700 Rockville Pike in Rockville. The 163,936 s/f asset sale was the first value-add deal to close in Montgomery County since the onset of the pandemic. The asset was sold from Ivy Realty to buyer Morning Calm Management. Newmark’s executive managing directors Jud Ryan and James Cassidy, along with vice president Cliff Cummings, were the sole brokers on the transaction.
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