Greysteel, a national commercial real estate investment services firm, has arranged the sale of Regency Court, a 115-unit multifamily community located in Suitland, MD for $12.25M.

Greysteel President & CEO, Ari Firoozabadi; Managing Director, W. Kyle Tangney; Senior Investment Associates, Herbert Schwat and Ash Helmi; and Investment Associates Christian Alves and Dutch Seitz, of the Company’s Washington, D.C. office, sold the Property on behalf of the Seller, Geller Associates.

The 115-unit Property, located at 3215 Swann Road in Suitland, MD, is situated immediately across Silver Hill Road from the Suitland Metro Station, the Suitland Federal Center and Prince George’s County’s largest redevelopment project to date, The Town Square at Suitland Federal Center. The Town Square project which is estimated to cost $400M and will create 1,200 construction jobs promises a 1M square foot mixed-use community with retail, apartments, single family homes, and a 50,000 SF performing arts center. In addition to the highly anticipated development across the street, community residents benefit from the many jobs and amenities within reach at National Harbor, Gaylord Hotel & Convention Center, Tanger Outlets, and the new $1 Billion MGM Resort and Casino located only 6 miles (15 minutes by car) southwest of the property.

Built in 1962, Regency Court has a unit mix of 14 one-bedroom, 85 two-bedroom and 16 three-bedroom apartments. The apartments feature generous layouts with walk-in closets along with modest updates to kitchens and bathrooms implemented upon apartment turnover to new tenancy. Over the last five years current ownership has invested significantly to improvement property infrastructure and mechanical systems.

“Through our marketing process we were able to drive value by highlighting Regency Court’s superior location in Prince George’s County near the Suitland Federal Center including US Census Bureau Headquarters, coming Town Center across the street and walkable metro station along with the immediate value add potential,” said Mr. Tangney. “We had tremendous interest from both regional and national buyer groups familiar with the area and those who were exploring their first acquisition in the region but had sizeable communities elsewhere.”

About Greysteel:

Greysteel is a commercial real estate and capital markets services firm with 11 offices located in New York, NY; Los Angeles, CA; Dallas, TX; Fort Worth, TX; Washington, D.C.; Philadelphia, PA; Phoenix, AZ; Denver, CO; Baltimore, MD and Norfolk, VA. Greysteel serves and advises private and institutional real estate investors and developers in the marketing, sale, and financing of private capital and middle-market real estate assets. www.greysteel.com