An affiliate of First Market Properties (FMP) has closed on a loan portfolio of six properties in the Washington DC Metro area. The purchase, completed in April 2013, includes several apartment communities, totaling in 1,082 units.
The purchase was unique in that FMP closed into escrow, followed by a waiting period before title was transferred. This structure required the purchase be made through a cash transaction and eliminated any opportunity of taking conventional debt. Other unusual features of the transaction included at 15 day due diligence and a 15 day close from contract signing. 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 enter into a submarket with a high barrier of entry and strong upside potential.”
All six communities are located in Prince George’s County, Maryland in the Washington DC metro, home to 5.6 million residents. The acquired properties include:
- Bedford Station, 486 units - Bedford Station is located on the north side of University Boulevard between 14th and 15th avenues in Hyattsville, Maryland. Constructed in 1950, the property features three-story garden style apartment buildings with brick veneer and asphalt shingled and built-up roofs. Bedford Station is currently at 92.6% occupancy.
- Eaton Square, 48 units - Eaton Square is located on the north side of Sheriff Road between Harvey Drive and Dutch Village Drive in Landover, Maryland. Constructed in 1960, the property features three-story garden style apartment buildings with brick veneer and asphalt shingled mansard roofs. Eaton Square is currently at 87.5% occupancy.
- Edmonton Station, 119 units - Edmonton Station is located on the north side of Quincy Street, just off of Annapolis Road, in Landover, Maryland. Constructed in 1948, the property features two and three-story garden style apartment buildings with brick veneer and built-up roofs. Edmonton Station is currently at 95.8% occupancy.
- Finchley Square, 115 units - Finchley Square is located on both the east and west sides of 38th Street in Brentwood, Maryland. Constructed in 1943, the property features three-story garden style apartment buildings with brick veneer and asphalt shingled and built-up roofs. Finchley Square is currently at 92.2% occupancy.
- Newbury Square, 213 units - Newbury Square is located on the east side of Riggs Road between Amherst Road and Van Buren Street in Hyattsville, Maryland. Constructed in 1947, the property features three and four-story garden style apartment buildings with brick veneer and asphalt shingled and built-up roofs. Newbury Square is currently at 97.2% occupancy.
- Victoria Station, 101 units - Victoria Station is located on the southeast corner of 14th Avenue and Merrimac Drive in Hyattsville, Maryland. Constructed in 1950, the property features three-story garden style apartment buildings with brick veneer and asphalt shingled and built-up roofs. Victoria Station is currently at 88.1% occupancy.
First Market Properties (FMP) is a full service, vertically integrated real estate company. Since 2007, FMP has closed on over 350M in transactions, handling the acquisition, due diligence, asset management and disposition. With over 25 years of combined experience in dealing with distressed loans and properties, FMP is able to handle all aspects of the business with the needed expertise to maximize its investments. FMP is open to opportunities for acquiring non-performing debt and REO multi-family properties nationwide. For more information on working with FMP, contact Joe Fishman 305-722-6182 or jf(at)firstmarketproperties(dot)com.
Company Name: First Market PropertiesContact Person: Joe Fishman
Email:Send Email
Phone: 305-722-6182
Country: United States
Website: http://firstmarketproperties.com/
Source: www.abnewswire.com
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