Prince George's County Apartment Community Trades For $66M
A New York investment firm has acquired a Prince George's County apartment community, bringing its portfolio in the county to nearly 2,500 units.
Arbor Management Acquisition Co. bought the 555-unit Cheverly Station community for $66M from Foulger-Pratt.
The property at 6501 Landover Road in Cheverly sits near the intersection of Landover Road and Route 50. It is across the street from a shopping center occupied by an Aldi grocery store, CVS and Ledo Pizza.
The Cheverly Station apartments include one-, two- and- three-bedroom units ranging from 722 SF to 1,100 SF. The community features amenities such as a swimming pool, a fitness center, a playground and a dog park.
AMAC, a subsidiary of New York-based Arbor Realty Trust, obtained a 10-year loan from Freddie Mac for the acquisition. Transwestern's Robin Williams and Dean Sigmon brokered the sale. The deal represents the first acquisition of AMAC Fund III, a $175M multifamily fund the firm closed in January.
The acquisition brings AMAC's Prince George's County portfolio to nearly 2,500 units. The firm also owns the 587-unit Bedford and Victoria Station apartments in Hyattsville, the 511-unit Oaks at Park South in Oxon Hill, the 410-unit Admiral Place in Suitland and the 349-unit Park Greene apartments in Suitland.
“We are very excited to kick-off Fund III with the addition of Cheverly Station to our Maryland portfolio,” AMAC founding principal Maurice Kaufman said in a statement. “Our market knowledge and experience supported a swift execution and transaction.”