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STEEPLECHASE240 UNITS | LARGO, MARYLAND
Value-Add Investment Opportunity
STEEPLECHASE
Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present Steeplechase Apartments, a 240-unit value-add apartment community in Largo, MD. Built in 1987, Steeplechase offers proven value-add upside through in-unit renovations at the Property garnering significant premiums. The Property’s highly desirable location in dynamic Largo, MD affords residents access to some of the area’s largest employers, desirable retail amenities and dynamic access via Metro. Steeplechase’s exceptional location and significant renovation upside presents investors with the rare opportunity to acquire a well maintained, value-add apartment community with significant growth prospects in the expanding Washington metro economy.
HIGHLIGHTSOFFERING
PROPERTY SUMMARYAddress 150 Steeplechase Way, Largo, Maryland
County Prince George’s
Site Size 14.36 Acres
Year Built 1987
Gross Building Area 201,540 SF
# of Units 240
Avg. Unit Size 840 SF
Avg. Market Rent $1,472
Avg. Market Rent/SF $1.75
Occupancy 95.42%
1PROVEN VALUE ADD OPPORTUNITYKitchen and bath upgrades have been completed in select units garnering premiums of $130. Wood vinyl flooring has been added to the majority of units with rent increases of $50.
2INSTITUTIONALLY MAINTAINEDSignificant capital has been invested in base buildings allowing new ownership to focus investment dollars on revenue generating items.
3UNRIVALED AMENITIESThe property is located within close proximity to the premier retail amenities in Prince George’s County Woodmore Towne Centre (Wegmans) and National Harbor.
4DYNAMIC PROXIMATE EMPLOYMENTA number of the area’s largest employers are within a 15 mile radius of Steeplechase including University System of Maryland, Andrews Air Force Base, NASA Goddard Flight Center, National Oceanic and Atmospheric Administration and IRS.
5METRO LOCATED ASSETThe Property is less than 5-minutes from the Largo Town Center Metro Station (Blue Line) which provides access throughout the region. The area provides ease of access with major roads MD Rt-214 and I-495 minutes from the Property.
6EXPANDING WASHINGTON ECONOMYThe Washington metro is in an expansion cycle with 38,000 jobs created over the year ending April 2017 with unemployment decreasing to 3.4%.
STEEPLECHASE
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Central AvenueCentral Avenue
Campus Way SCampus Way S
214
Largo Town CenterMetro Station
BL
SV
National Harmony Memorial Park
The Prince George’s Regional Medical Center
FedEx Field
The Boulevard at Capital Centre
Woodmoore Town Centre
Largo Town Center
STEEPLECHASE
CUSHMAN & WAKEFIELD1800 TYSONS BOULEVARDSUITE 200PHONE: +1 703 448 1200FAX: +1 703 286 3012www.cushwake.com
MID-ATLANTIC MULTIFAMILY ADVISORY GROUP
COMMUNITY AMENITIES• Fitness Center
• Swimming Pool
• Tennis Court
• Basketball Court
• Playground
• Clubhouse
• Barbecue Area
UNIT FEATURES• Balcony / Patio
• Washer & Dryer
• Microwave
• Fireplace*
• Additional Storage Space*
*Select Units
LEADJORGE ROSADIRECTOR+1 703 286 [email protected]
ANTHONY ‘TJ’ LIBERTOASSOCIATE DIRECTOR+1 703 286 [email protected]
For Financing, Please Contact:
JOHN CAMPANELLAEXECUTIVE MANAGING DIRECTOR+1 202 266 [email protected]