Kreiger JV Buys Villas at Langley; Grady Management Prepares to Start M-F
- Aug 20, 2012
Sawyer Realty Holdings sold the Villas at Langley, an apartment complex in Hyattsville, to Krieger Boulevard L.L.C. and Krieger Skyline L.L.C. The cost of the transaction was $48 million, or about $81,000 per unit. Transwestern’s Mid-Atlantic multifamily group represented the seller.
The Villas at Langley is a 590-unit complex located at 8100 15th Ave. It was built in 1964 and features one-, two- and three-bedroom apartments. Amenities include laundry facilities in every building, separate adult and toddler pools, a soccer field, a basketball court and playgrounds. The 504,000-square-foot property is close to the University of Maryland at College Park, downtown Silver Spring and the Federal Research Center at White Oak.
In other real estate-related news, Grady Management Inc., a full-service, residential and commercial real estate consulting firm based in Silver Spring, announced plans to break ground this September on a new luxury apartment building in Hyattsville, Md. The residential project will be named 3350 at Alterra. It represents the first phase of a mixed-use redevelopment of the former Belcrest Plaza.
3350 at Alterra will feature 283 apartment homes and will be located along Toledo Terrace, near Prince George’s Plaza Metro. 3350 at Alterra will include studio, one-, two- and three-bedroom apartments and offer its residents such amenities as a cyber cafe, a lounge, a game room, a pool, a fitness center, garage parking and bike storage. Grady Management has scheduled the ground breaking for Sept. 14.
Demand for apartments is high in the Washington, D.C., metro area. According to a report released by Marcus & Millichap for the third quarter of 2012, multifamily starts have jumped and represent more than 40 percent of all residential groundbreakings over the past year, approximately two times the typical proportion. Vacancy rates continue to decline and will drop to 3.9 percent this year. Thus, average asking rents will rise 4 percent to $1,467 per month in 2012 and effective rents will advance 4.7 percent to $1,401 per month. However, according to The Washington Post, 6,000 new units are expected to be delivered by the end of the year.
Click here for more market data on Washington, D.C.
Charts courtesy of Marcus&Millichap.
Photo of the Villas at Langley courtesy of The Villas at Langley.