We are very pleased to report that we successfully closed on the acquisition of Capital Crossing located in Suitland, MD. The $52,000,000 purchase price represents an in-place cap rate of 5.75% and a price per unit of $144,847.
Capital Crossing is a 359-unit, garden style community located in Suitland,MD, offering a tangible upgrade program and outstanding accessibility. Southern Prince George’s County Class B apartment market is one of the strongest performers in the Washington D.C. region. Vacancy rates for the submarket remain among the lowest in the region at 4.6%. The property is located within a 5-mile radius of 83 million sf of office/industrial and 18.9 million sf of retail. It provides direct access to employment centers, retail, and restaurants in the Washington Metro via Pennsylvania Ave (MD Route 4), the Capital Beltway (I-495/I-95), and the Suitland METRO Station. Located one mile from Capital Crossing, one of the most dynamic county developments in the last decade, includes 1 million sf of mixed-use with retail, for-sale condos, a senior community, and the Suitland Federal Center, which employs over 10,000 people. With no imminent multifamily developments in the submarket, vacancy is projected to remain low, supporting the ability to significantly raise rents through property upgrades. The Delta Associates 2018 Fourth Quarter Class B Apartment Market Report projects continued strong rent growth in the Andrews/Suitland submarket due to property renovations and elimination of value priced inventory.
CLP acquired Trantor Place, a rent-stabilized garden apartment complex comprised of 16 low-rise apartment buildings and 177 units.Located in the Port Richmond neighborhood of Staten Island, NY, the complex is surrounded by landscaped grounds, abundant parking, and easy access to major highways and public transportation.
CLP pursued the transaction through off- market relationships and was able to present a non-refundable offer immediately when the seller initiated the marketing process. CLP acquired Trantor Place for $60,000/unit, representing a 5.4x Gross Rent Multiple, significantly below average market transactions.
CLP successfully sold Trantor Place in January 2015.
In April 2014, CLP purchased Midpointe Apartments (rebranded from Southgate Apartments), a 424-unit apartment community located in the Mount Greenwood section of Chicago, IL. The property, comprised of eight four-story elevator buildings, is located in an urban infill, supply-constrained submarket catering to a suburban living environment. Sourced off-market through a CLP relationship, the purchase price of $28.5 million represented a year-1 cap rate of 9% compared to an average cap rate of 7% for similar assets at the time. CLP successfully sold Midpointe Apartments in February 2018.
222 Saratoga is an 80-unit property located in downtown Baltimore, MD. Originally built as a warehouse in 1916, the property boasts the largest units in the submarket and features a unique loft feel with 10 to 15-foot ceilings.
It is the only property in the submarket with private balconies and is ideally located just a few blocks from major employers and the retail and recreation of Baltimore’s Inner Harbor.
Building amenities include a covered parking garage, fitness center, business center, resident lounge, and an outdoor patio with grilling stations and seating.
The property is currently undergoing a major capital improvement project that will convert the ground floor retail space into a new leasing office, resident lounge and fitness center. CLP has also added 5 units to the property by reconfiguring underutilized common area spaces and converting 4 four units located on the third and fourth floor.
Watergate Pointe is a 21-building, 608-unit apartment community that sits on an expansive park-like 31-acre peninsula. It features panoramic water views, a 162-slip marina with fishing docks, and is located within walking distance of historic downtown Annapolis, MD.
As the only property in its submarket with 3,000 linear feet of water frontage, Watergate is unrivaled in terms of location and offers residents true resort-style living.
Community amenities include an Olympic style pool, fitness center, children’s playground and sports court, dog park, business center, and conference room, and outdoor kitchen and grilling stations.
Units feature vaulted ceilings, fully appointed kitchens with granite countertops, renovated bathrooms, expansive balconies, washer/dryers in select units, and vinyl plank flooring.
Harbor Pointe is a 544-unit, Class A luxury waterfront apartment community located on New Jersey’s prestigious Gold Coast.
Built-in 2010, the property features views of downtown Manhattan and an array of modern amenities including a 9,000 square foot clubhouse with a computer lounge, media lounge, business center, fitness studio, indoor basketball half-court, children’s playroom, and a resort-style saltwater pool. The property is also LEED Silver certified for energy efficiency and environmental friendliness and offers direct access from every floor to a 7-story parking garage.
The property is located 15 minutes from Downtown Jersey City, 5 minutes from numerous retail centers, and is half a mile from the light rail providing easy access to Manhattan via the PATH train.