Dealmaker: Transwestern Real Estate Services Closes $16M Affordable Housing Sale
(Queens Park Plaza, Hyattsville, Md.)
Transwestern Real Estate Services’ Mid-Atlantic Multifamily Group brokered the sale of Queens Park Plaza in Hyattsville, Md., for $16 million.
Ernst Equities LLC, Washington, D.C., bought the 94-unit naturally occurring affordable housing asset at 2500 Queens Chapel Road from Rimsi Corp., Rockville, Md., for $170,744 per unit. Transwestern Executive Vice Presidents Dean Sigmon and Robin Williams, Senior Vice President Justin Shay and Senior Associate Michael D’Amelio represented the seller in the transaction.
Built in 1968, Queens Park Plaza was owned and managed by Rimsi for more than 40 years. The brick and block property includes a mix of one-, two- and three-bedroom apartments averaging 797 square feet. The property has convenient access to multiple bus routes connecting to the West Hyattsville Metro Station less than a half mile away and Brookland/Catholic University Station less than two miles away, making it a good commuter location for residents working in both Maryland and Washington, D.C.
“This purchase allows new ownership to expand its market share in the immediate submarket and provides significant operational upside by streamlining expenses and implementing quality improvements,” Sigmon said.
Shay noted the sale marked Transwestern’s fourth transaction in less than 12 months where the buyer focused on preserving affordability. “We see continued interest from social impact and/or mission-based investors,” he said.