Vacant 219-Unit Prince George's County Condo Building Sells For $17M Following Bankruptcy
A fully vacant, 219-unit condo building near the Naylor Road Metro station in Prince George's County has just traded hands.
Dragone Realty acquired the Lynnhill Condominiums for $17M, roughly $78K per unit, from the Lynhill Condominium Association, which recently filed for Chapter 11 bankruptcy on the property. Transwestern represented the seller in the deal, and Pillsbury, Winthrop Shaw Pittman LLP helped it through the bankruptcy process.
"We're very pleased with the results of this robust auction," Lynnhill Condominium Association acting President Stanley Briscoe said in a release. "We're confident the competitive bidding maximized recoveries for condo unit owners."
Built in 1967, the property at 3103-3107 Good Hope Ave. sits near the intersection of Maryland Route 5 and Suitland Parkway, just across the border from D.C. It is about a quarter-mile from the Naylor Road Metro station, the third-to-last stop on the southern end of the Green Line. The buyer is planning a significant renovation of the vacant condo building.