JLL Capital Markets announced it closed the sale of The Point at Germantown Station, a multihousing property located across 40 acres in Germantown, Maryland. JLL represented the seller in completing the sale.
The Point at Germantown Station consists of 468 two- and three-bedroom units averaging 1,205 square feet, with historical occupancy at around 95 percent. The apartments feature a resort-style pool with cabanas and lounge seating, expanded fitness center, clubroom, dog park, picnic tables and allows access to a soccer field. Additionally, the property has earned Energy Star Certification and was originally built in 1985, offering value-add opportunity for the buyer to continue enhancing the property.
Located at 19228 Circle Gate Dr., the property is positioned across 40 acres in the I-270 Biotechnology and Life Sciences Corridor, which is one of the most prominent medical and lab research hubs in the country. The property benefits from being proximate to The National Institutes of Health, National Cancer Institute and The Food and Drug Administration, which employs over 30,000 people in the area.
The multihousing property is also about 30 miles from Washington D.C., allowing access to the city’s employment and key economic drivers. According to JLL’s latest Multi-Housing Outlook, growth in the surrounding D.C. neighborhoods helped drive its 14.6 percent population increase over the past 10 years. In addition, the report states that the region is experiencing a 30.2 percent increase in job postings since the onset of COVID-19, which is second to only Seattle among the gateway markets.
The JLL Capital Markets team representing the seller was led by Senior Managing Directors Walter Coker and Brian Crivella and Directors Robert Jenkins and Bill Gribbin.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge deliver best-in-class solutions for clients—whether investment sales advisory, debt placement, equity placement, or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.