Bowie, MD — Newmark announced the $91.7M sale of Heather Ridge Apartments, a multifamily asset at 16021 English Oaks Ave. in Bowie. The 324-unit property was sold by a joint venture partnership of funds managed by the real estate group of Ares Management and LCOR to Greystar. Newmark’s vice chairmen Christine Espenshade and Robert Garrish represented the seller in the transaction.
The new owner, Greystar, is a leading fully integrated real estate company offering expertise in investment management, development, and management of rental housing properties. Greystar is the largest apartment operator in the United States, managing an estimated $220 billion of real estate in nearly 200 markets. The acquisition of Heather Ridge will allow for new ownership to implement a light capital improvement program to upgrade the rental units.
“The extreme disruption we felt across the country due to the pandemic was quite severe; however, one bright spot has been the desirability of the suburban multifamily market,” said Espenshade. “Today, even as restrictions are being lifted and vaccination rates continue to climb, there is still a robust demand for this type of product offering owners consistently strong rent growth.”
According to Newmark Research, the Washington area’s multifamily market traditionally had led the nation out of recessions, as it did in 2010 when absorption was a robust 14,000 units, thus enhancing the resilience of local apartment assets and attracting potential renters from other metro areas. Suburban locations such as Bowie, equidistant from Baltimore, Washington, and Annapolis, are extremely popular with multifamily investors given limited supply and access to excellent employment and retail.
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