Transwestern Real Estate Services (TRS) announces its Mid-Atlantic Multifamily Group has brokered the sale of Plaza Towers, a 288-unit, high-rise apartment complex at 6700 Belcrest Road in Hyattsville, Maryland. The Donaldson Group and New York-based Angelo Gordon & Co. sold the 11-story multifamily asset to Jair Lynch Real Estate Partners for $65.75 million, or $228,929 per unit. Transwestern Executive Vice Presidents Dean Sigmon and Robin Williams, Vice President Justin Shay and Senior Associate Michael D’Amelio represented the seller in the transaction.
“Plaza Towers is a strategic purchase by Jair Lynch and its partners as the immediate submarket is supply-constrained for multifamily product,” said Williams. “Only 46 apartments have been updated, which provides considerable upside potential to increase rental revenue through additional unit renovations and amenity enhancements.”
Low vacancy and strong historical rent growth have positioned Hyattsville as one of the strongest and most consistent performers in Prince George’s County. According to Transwestern’s research affiliate, Delta Associates, The Greenbelt/Hyattsville Class B submarket reported a 4.4 percent vacancy as of September 2021 and annual effective rent growth of 2.6 percent.
Competitive communities in the submarket have demonstrated a healthy demand for higher-end finishes and rental premiums from interior upgrades, setting up Plaza Towers for strategic repositioning. The property is well-located near the Metro and Mall at Prince George’s as well as area schools, employment centers and major transportation arteries.
“Investor interest in value-add multifamily continues to be strong,” said Sigmon. “Our team remains extremely active with several investment opportunities in the pipeline.”
Year to date, Transwestern has completed nearly $600 million in multifamily transactions, including more than $400 million in and around Prince George’s County.
Transwestern’s Mid-Atlantic Multifamily Group provides a full range of investment sales services throughout Maryland, Washington, D.C., Northern Virginia, Richmond and Delaware. The group’s recent client roster includes Sentinel Real Estate, Federal Capital Partners, Foulger-Pratt with DLJ, Hampshire Properties, Aimco, Avalon Bay, Equity Residential, The Bozzuto Group, Fannie Mae, AIG Investment, Morgan Properties, Goldman Sachs, JP Morgan and Angelo Gordon.