BDMG Buys 591-Unit Greenbelt Apartment Complex
Baltimore-based BDMG has purchased a 591-unit apartment complex from the Chicago-based Laramar Group.
The parties reached an $82.3M deal, equating to $139k per unit. The apartment complex, Gates of Cipriano, last sold for $74.2M in 2007, GlobeSt reports. The 50-year-old complex, at 8501 Greenbelt Rd, is near full occupancy.
The complex is across the street from NASA's Goddard Space Flight Center. Greenbelt could be seeing another major federal agency coming to town when the GSA decides among three finalists for the new FBI HQ, for which Congress appropriated $1.4B in its latest budget. [GS]