HYATTSVILLE, MD — Marcus & Millichap announced the sale of a multifamily portfolio in Hyattsville and Mt. Rainier, according to Bryn Merrey, regional manager of the firm’s Washington, D.C. office. The portfolio, which includes 3 buildings totaling 171 units, sold off market for a combined $11.92 million.
David Weber, vice president investments, in Marcus & Millichap’s Washington, D.C. office, brokered the transaction which sold to a private investor. The local buyer plans to improve the property with various capital improvements over the coming year as they assimilate the properties into their existing multi-family portfolio in the northern Prince George’s market.
The portfolio, comprised of Castle Manor, Garfield Court, and the Arundel Apartments, is located in the northern Price George County sub-markets of Hyattsville and Mount Rainier. Garfield Court, with 62 units, closed for $4.464 million and is located at 5701 43rd Ave. in Hyattsville, adjacent to DeMatha High School and directly behind the Hyattsville Arts District. Castle Manor, with 68 units, closed for $4.76 million and is located directly on Hamilton St. about a mile east of the West Hyattsville Metro Station. The Arundel Apartments, with 41 units, was located at 3000 Arundel Rd. in Mount Rainier and closed for $2.696 million.
“The buyer saw value in the portfolio that could be realized through their ability to increase operational efficiencies by combining management with other properties they own in the area,” Weber said. “They also have the opportunity to significantly increase rents through property and unit level renovations and improvements over the coming years.”