Friedkin Realty Buys Bowie Apartment Community for $72M
- Mar 13, 2015
Investors continue to raid the Washington, D.C., area for multifamily assets. The latest buyer to make its presence known in the region is Friedkin Realty Group, a San Francisco-based real estate company that recently paid $71.8 million to buy the Meridian at Bowie in Prince George’s County.
Friedkin purchased the property from Brookfield Asset Management. The Canadian asset management company listed the apartment community for sale last summer, according to Commercial Real Estate Direct. CBRE’s Washington, D.C., Multifamily Investment Properties team represented the seller in the transaction.
Meridian at Bowie is a 348-unit apartment community located at 3631 Elder Oaks Blvd. in Bowie. It offers one-, two- and three-bedroom apartments, as well as numerous amenities, including a clubhouse, a swimming pool, a business center, a fitness center, on-site parking and more. According to PropertyShark, the property’s current market value is about $63 million.
Vice Chairman Bill Roohan was part of the CBRE team that represented the seller in the transaction. In a news release, Roohan said only four multifamily communities have been built in Bowie since the 1980s because entitlements for properties of this type in the area are extremely difficult to secure. According to CBRE, the supply of rental housing in the area remains constrained, with no deliveries expected within the next 36 months.
Photo credit: Friedkin Realty Group