FORT WASHINGTON, MD - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry announced today that its Mid-Atlantic office brokered the sale of Remington Place a 324-unit community located in Fort Washington, Maryland in Prince Georges County.
ARA Mid-Atlantic partners Drew White, Mike Marshall and Ryan Ogden represented Invesco Real Estate and ROSS Development & Investment in the sale of the asset.
Remington Place is strategically located less than a mile from the Capital Beltway, the major interstate to access any part of the Washington DC metro area. Less than four miles to the east of the property is Joint Base Andrews Naval Air Facility, a joint Air Force and Navy facility that employs over 8,000 people. Less than four miles to the west of the property is National Harbor, home to the largest hotel in the DC metro area and the largest combined hotel and convention center on the East Coast.
“These attributes provide residents with valuable proximity to the areas major employers ensuring positive investment drivers for the new owners.” said ARA Mid-Atlantic partner Ryan Ogden.
Drew White added, “By focusing the market not only on the value add opportunity of the property but the exceptional economics and apartment fundamentals of the submarket, this assignment gave the ARA team the opportunity to deliver fantastic results for an extraordinary ownership group.”
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360 or Amy Morris at amorris@ARAusa.com, 678.553.9366; locally, Seth Potack, at spotack@ARAusa.com or 703.575.2156.
About ARA
Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in average annual production volume of $5.4 billion in real estate transactions since 2004. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com.