Some of the earliest investors of JBG Smith predecessor the JBG Cos. have cashed out of some long-time Prince George’s County real estate holdings.
A group of 50 investors led by Joseph B. Gildenhorn offloaded the portfolio of four apartment communities totaling 920 units in a sale that closed Wednesday. They include the Townley Apartments, 11457 Cherry Hill Rd. in Beltsville; Barclay Square at 3598 Powder Milld Rd. in Beltsville; Sussex Square at 2316 Brooks Dr. in Hillcrest Heights; and the Hickory Hill apartments at 3613 Silver Park Dr., also in Hillcrest Heights.
Lakewood, New Jersey-based Rushmore Management paid $160.5 million for the portfolio, or $174,456 per unit. This marks a major expansion in Greater Washington for that company, whose portfolio of apartments today includes a handful of communities in New Jersey and eastern Pennsylvania, though it has owned a few Maryland properties in the past. Allan Manesh and Jeff Kim of Ideal Realty Group brokered the sale on behalf of…
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