BY KEITH LORIA OCTOBER 24, 2022 5:09 PM
Commercial Observer
OneWall Communities has acquired a 178-unit garden-style affordable apartment community in the Washington, D.C., suburb of Suitland, Md., for $23 million.
Located at 5215 Morris Avenue, just south of the Capital Beltway, the property previously known as Allentown Apartments has been rebranded Gateway Station by its new owner.
RailField Realty Partners was the seller, having acquired the property in 2019, according to property records.
Built in 1963 and renovated in 2017, the apartment complex offers studio, one-, two- and three-bedroom units. Community amenities include a swimming pool, three on-site laundry facilities, a playground and parking for 182 vehicles.
Gateway Station currently operates under the Section 42 Low Income Housing Tax Credit program, maintaining various income restrictions for residents.
The property is less than a 20-minute commute to federal employers such as Joint Base Andrews, Suitland Federal Center, U.S. Coast Guard, Department of Homeland Security and Joint Base Anacostia-Bolling.
With the deal, OneWall continues its expansion into the D.C. metro area. Earlier this year, the company acquired the 459-unit Heather Hills Apartments in Temple Hills, Md.
“As the multifamily market experiences an increasing supply/demand imbalance, we see continued opportunity in the suburban regions of major employment centers such as Washington, D.C.,” Ron Kutas, a partner and COO of OneWall, said in a prepared statement. “The Gateway Station transaction is in line with OneWall’s focused investment strategy to acquire and preserve workforce housing in well-located areas that will provide long-term value for our investors.”
CBRE represented the buyer in the deal.
read full article: https://commercialobserver.com/2022/10/onewall-continues-expansion-into-dc-metro/
