BY Keith Loria
OneWall Communities has acquired Heather Hill Apartments, a 459-unit garden-style apartment complex in Temple Hills, Md., for $97 million, Commercial Observer has learned.
Hampshire Properties was the seller, having acquired the property in 2013 for $57 million.
“It has been a well-run, wellcared-for asset for many years that still offers many avenues to add value while maintaining its workforce renter appeal,” Nate Kline, partner and CIO at OneWall Communities, told CO.
Located at 5837 Fisher Road in Prince George’s County, just outside the Capital Beltway, the 21-acre property consists of 18 buildings situated within wooden grounds.
Apartments include one-, two- and three-bedroom units, and every home features a private balcony or patio. Amenities include an Olympic-size pool, fitness, business and youth activity centers, and an onsite Metrobus stop.
The Connecticut-based OneWall entered the mid-Atlantic market last summer with its acquisition of two Middle River, Md.-based properties — the 524-unit Hopkins Point townhomes for $66 million; and the Oak Grove Apartments & Townhomes, consisting of 259 apartments and 88 townhomes, for $32.5 million. It is also active in Pennsylvania and New Jersey.
“OneWall continues to expand into growing areas where we can buy well-located assets below replacement cost and efficiently invest capital in property improvements and unit renovations,” Kline said. “This approach drives moderate income growth to generate solid risk-adjusted investment returns while maintaining long-term affordability for residents below 120 percent of area median income.”
The Heather Hill Apartments are a short distance from National Harbor, Suitland Federal Center, Joint Base Andrews and the Washington Navy Yard.
The seller was represented by a Transwestern team of Dean Sigmon, Robin Williams, Justin Shay and Michael D’Amelio, who told CO that the seller had completed its business plan for the property.
Joanne Williams and Steven Doherty of CBRE helped secure the acquisition financing of the property through Fannie Mae. Requests for comment were not immediately returned.