Dragone Realty Investments Buys 727-Unit Prince George’s County Apartment Community
- Apr 28, 2015
According to Marcus & Millichap’s most recent Washington, D.C., Apartment Market Report, excellent demographics and steady rent growth have motivated investors to search through the region for available multifamily assets. One such investor is Dragone Realty Investments. Earlier this year, the Bethesda-based company acquired a large apartment community in Landover Hills.
Dragone paid $63 million to buy Cooper’s Crossing, at 4085 Warner Ave. CBRE’s Washington, D.C., multifamily investment properties team represented the seller in the transaction and announced the sale.
The Class B garden apartment community was built in the ’60s. It offers 727 one-, two- and three-bedroom apartments, with amenities that include a clubhouse, Olympic-style swimming pool, fitness center, business center and ample parking. According to the community’s website, the units range in size from 681 to 1,075 square feet, with rents between $920 and $1,545 per month.
Marcus & Millichap reports that because of the robust construction of new rentals and low cap rates, investors are exercising caution when it comes to Class A properties in the heart of the metro. But the same can’t be said for Class B and C assets, which are attracting aggressive bidding as buyers recognize the possibility for achieving both appreciation and strong first-year yields from renovation projects.Photo credit: www.cooperscrossingapts.com Charts courtesy of Marcus & Millichap.