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District Heights apartments sell for $58 million

Tuesday - 7/24/2012, 9:52am  ET

The Residences of Suitland Parks in District Heights sold for $58 million, or about $62,365 per unit, to a joint venture including Laurel’s Dragone Realty Investments and a fund managed by Pacific Coast Capital Partners.

The acquisition marks the sixth for multifamily owner Dragone, which also owns the Verona at Silver Hill in Suitland, the Milano in Oxon Hill and the Marconi in Temple Hills.

The partners plan to renovate and re-lease the 930-unit complex, which is at 6501 Hil-Mar Drive in Prince George’s County.

A marketing team led by CBRE Group Inc. broker Mike Muldowney was retained to sell the property own behalf of an undisclosed bank. Maryland taxation records indicate Suitland Parks was owned by the Federal Home Loan Mortgage Corp. of Carrollton, Texas, which acquired it at a June 2011 foreclosure sale for $62 million, or $4 million less than the property sold for most recently to Dragone Realty and Pacific Coast.

“The Residences of Suitland Parks, in dire need of a capital commitment for some time, is now poised for the kind of sound buyer planning and investment that will complete a slate of property updates and compliment the redevelopment of rental communities in that sub-market,” Muldowney said in a statement. “This transaction also reflects the continued healthy demand for quality, affordable rental housing inside the Capital Beltway in Prince George’s County.”

The team from CBRE on behalf of the seller also included Bill Roohan, Andy Boyer, Michael Rudolph, Brian Margerum and Martha Hastings. The buyers were represented by CBRE brokers Maury Zanoff and Matt Williams.