May 6, 2020
Transwestern Real Estate Services brokered the sale of Villas at Langley, a 590-unit, value-add investment property in Hyattsville, MD’s Langley Park submarket. Klein Holdings sold the garden-style asset to Jair Lynch Real Estate Partners for $87.5 million.
Transwestern EVPs Robin Williams and Dean Sigmon, VP Justin Shay and multifamily analyst Michael D’Amelio represented the seller.
“Villas at Langley is a strategic purchase by Jair Lynch, as the Langley Park submarket of Hyattsville is supply-constrained for multifamily product,” said Williams. “There is considerable upside potential to increase rental revenue by completing capital improvements at the property.”
The property offered strong occupancy and demand fundamentals. The location along University Boulevard is walking distance to two planned Purple Line light rail stations.
“Investor interest was extremely strong for the Villas at Langley,” said Sigmon. “In this region, assets with such low vacancy that offer yield investment opportunities and organic rent growth are scarce.”
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