Transwestern today announces it represented Harbor Group International in the disposition of The Hanover, a 320-unit apartment community in Greenbelt, Maryland, to Blue Ocean Realty for $49.6 million. Transwestern’s Mid-Atlantic Multifamily Group, led by Co-Directors Dean Sigmon and Robin Williams, brokered the transaction on behalf of the seller.
“The Hanover is a strategic purchase by Blue Ocean Realty, as the Greenbelt market is supply-constrained for multifamily product,” said Williams. “Additionally, there is upside potential to increase rental revenue by completing renovations on approximately 250 remaining units.”
Located at 7232 Hanover Parkway, the property offers easy access to the District and Baltimore via Interstates 495, 95 and 295. It is proximate to both the Greenbelt and New Carrollton Metro Stations and a train station served by Maryland Area Regional Commuter (MARC) trains and AMTRAK. Nearby employers include the University of Maryland – College Park, NASA’s Goddard Space Flight Center and Fort Meade Army Base, the largest employer in Maryland. The property is also located near two potential sites of the new FBI headquarters, which will house 11,000 employees.
“Investor appetite in value-add opportunities is very strong in the Washington, D.C., region,” said Sigmon. “There are few other areas in the U.S. offering such high-yield investments with organic rent growth and very low vacancy.”
With this transaction, Transwestern has now brokered the disposition of over $200 million in value-add multifamily transactions in the past three months, including the disposition of Eaves Gaithersburg, a 40-year-old property in Gaithersburg, Maryland, that sold for $117 million, or $171,053 per unit; and Mark at Salem Station, a 224-unit Fredericksburg, Virginia, property that sold for $34.5 million.
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Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Management, Tenant Advisory, Capital Markets, Research and Sustainability services, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Based in Houston, Transwestern has 34 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern. For updates from the Mid-Atlantic region, follow @TranswesternDC.
