Suburban, Class-B apartments have been among the most attractive targets for real estate investors in recent years, and that appears to be continuing as the pandemic approaches its third month of U.S. impact.
Jair Lynch Real Estate Partners acquired the Villas at Langley apartment community in Prince George’s County from Klein Holdings for $87.5M, Transwestern Real Estate Services announced Monday.
Transwestern’s Robin Williams, Dean Sigmon, Justin Shay and Michael D’Amelio represented Klein Holdings in the deal. The team has brokered the sale of 13 communities totaling $618M over the last 12 months, Transwestern said.
The 590-unit Villas at Langley sits at 8100 15th Ave. in Langley Park, roughly 2 miles west of College Park and Hyattsville.
The property also sits near two planned Purple Line stations, though the light rail project has encountered some issues in recent days, with contractors walking off the job due to delays and cost overruns.
Click here to read the rest of the article written by Jon Banister over at Bis Now