Investors Secure $233M Loan To Buy Prince George's Apartment Buildings
The developer of 1,225 apartments across three properties in Prince George’s County has sold the buildings.
A joint venture of 29th Street Capital and Willton Investment Management has acquired what is known as the Apollo portfolio: three properties developed by Peter N.G. Schwartz Management Co.
The price of the acquisition wasn't disclosed. Colliers, which arranged the acquisition financing, announced that the buyers obtained a $232.7M loan for the deal. A Colliers spokesperson told Bisnow the lender was Fannie Mae.
The properties, Ascend Apollo in Largo and Allure Apollo and Aspire Apollo in Camp Springs, were built between 2015 and 2019.
Allure and Aspire Apollo, which sit next to each other, total 801 units. Ascend Apollo has 424 units.
“This acquisition reflects our focus on transit-oriented submarkets where demand is supported by affordability, job access, and constrained new supply,” Henry Moore, who heads acquisitions for 29th Street Capital in D.C., Maryland and Virginia, said in a release from the investment firm.
“These communities align well with renter preferences for access, quality housing, and professional management, while offering flexibility in a high-cost homeownership market,” he added.
The Apollo apartment buildings are 29th Street’s fourth, fifth and sixth D.C.-area buys. The firm also partnered with Willton Investment Management in April to acquire the 311-unit Fenwick Apartments in Silver Spring.
Colliers’ Shahin Yazdi and Jonathan Lee, with help from the brokerage’s agency execution team, arranged the financing. The deal also included reassigning tax increment financing agreements associated with two of the properties, Allure Apollo and Aspire Apollo, according to the brokerage's release.
CBRE represented Peter N.G. Schwartz Management Co. in selling the properties. The developer still owns an Apollo-branded apartment building in D.C.: Zen Apollo at 1234 Massachusetts Ave. NW.
