KabirCares.org

Firm to Buy, Renovate 3 College Park Properties

Courtesy of Washington Property Company / BisNow – Columbia Manor, an apartment community in College Park.

According to BisNow, a Bethesda – based firm, Washington Property Co. (WPC) closed on the acquisition of three College Park apartment properties for $14M last week.

The trio of low-rise communities was all built more than 50 years ago. The properties are University Gardens at the corner of Rhode Island Avenue and Knox Road, Columbia Manor at 4812 College Ave., and Smith Manor at 4604 Knox Road – according to BisNow.

WPC said it plans to renovate all 81 units acquired in the sale, adding new flooring, lighting, appliances, and kitchen and bath updates.

A spokesperson for WPC said the current property management firm will stay on following the sale. The firm plans to bring in a third-party property manager for its new College Park buildings.

WPC has expanded its multifamily strategy from development to acquisitions, buying several properties in Alexandria and College Park in deals totaling $70.2M.

You can read the complete article here (a free registration is required)

(Visited 37 times, 1 visits today)

Comments are closed.