CAPITOL HEIGHTS, MD — Greysteel has arranged the sale of Highland Ridge, a 197-unit, multifamily property in Capitol Heights.
Greysteel president & CEO, Ari Firoozabadi; managing director, W. Kyle Tangney; senior investment associate, Herbert Schwat and investment associates, Christian Alves and Dutch Seitz sold the property on behalf of the seller, Franklin Capital Group, and procured the buyer, Strategic Realty Holdings LLC.
“Highland Ridge is the fourth Property we have closed in Prince George’s County in the last handful of months,” said Tangney. “Investors remain bullish on value-add multifamily opportunities in the County considering the area’s strong historical annual rent growth, relatively low basis compared to other DC MSA submarkets and pricing compared to replacement cost considering today’s construction cost environment. Our expertise in Prince George’s County coupled with our knowledge of active investors across the county, allowed us to secure the right Buyer looking to expand their holdings in the region.”