WASHINGTON, DC - First Market Properties (FMP) has closed on a loan portfolio of five properties in the Washington DC Metro area. The purchase, completed in February 25, 2014, includes several B Class apartment communities, totaling in 1,188 units.
This purchase was FMP’s second large portfolio purchase in the DC/ Maryland area in the last 12 months. In April 2013, FMP closed on another REO portfolio consisting of 1,082 C Class apartments in the Hyattsville, MD submarket. First Market Properties principal, Aaron Kurlansky states, "The deal fundamentals were strong and the portfolio characteristics are in line with our other assets. In addition, this transaction has allowed us to gain economies of scale in a market with a high barrier of entry and a strong upside potential.”
All five communities are located in Prince George’s County, Maryland in the Washington DC metro, home to 5.6 million residents. The acquired properties include:
Forest Village, 410 units – Located in Suitland, MD, nestled in a quiet wooded setting; this complex was constructed in 1966. This newly redone property features three-story garden style apartment buildings with brick veneer, asphalt shingles and built-up roofs.
Shadyside Gardens, 349 units - Located in Suitland, MD, it is just blocks from the Suitland Federal Central and is just a few miles east of Washington D.C. Constructed in 1961, the property features three-story garden style apartment buildings with brick veneer, asphalt shingled roofs and vinyl windows.
Marlow Tower, 131 units – Located in Temple Hills, MD, this complex was constructed in 1960. Its homes feature wall to wall carpeting, oak wood cabinets and dishwashers. It is located just minutes from the Beltway, Suitland Parkway and 3 Metro lines.
Marlow Garden, 126 units – Located in Temple Hills, MD, this complex was constructed in 1960 and features garden style apartments located within the Marlow Plaza Apartment Community, which also includes the Tower Building. The property is located near Branch Avenue and is behind the Marlow Plaza Shopping Center.
Marlow Heights, 172 units – Located in Temple Hills, MD, this complex was constructed in 1950. The property features nine garden-style buildings, which are part of the Marlow Plaza Apartment community.
First Market Properties (FMP) is a full service, vertically integrated real estate company. Since 2007, FMP has closed on over 500M in transactions, handling the acquisition, due diligence, asset management and disposition.