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Langdon Park Capital Acquires 304-Unit Multifamily Property In Fort Washington, MD

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SOLD
$63,200,000

Maryland

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MultiFamily
Sold 06/15/2022
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Property Image
SOLD

Langdon Park Capital Acquires 304-Unit Multifamily Property In Fort Washington, MD

2428 Corning Avenue, Fort Washington, Maryland 20744, United States

See Similar Deals
MultiFamily
Sold 06/15/2022
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Summary

MARYLAND
Asset Type:MultiFamily
Transaction Type:Sale

The multifamily property located at 2428 Corning Ave in Fort Washington, MD has been sold. The property consists of 304 units and was sold for a total price of $63,200,000, resulting in a price per unit of $207,895.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $63,200,000
  • Date: 06/15/2022
  • Address: 2428 Corning Ave, Fort Washington, MD
  • Market: Fort Washington, MD
  • Buyer: Langdon Park Capital - Malcolm Johnson
  • Units: 304
  • Price per Unit: $207,895

Langdon Park Capital, represented by Malcolm Johnson, was the buyer in this transaction.

Players

3 deals$121.1M volume
BUYER

Details

SOLD
IMAGE: Malcolm Johnson DATE: 06/15/2022 ADDRESS: 2428 Corning Ave MARKET: Fort Washington, MD ASSET TYPE: Multifamily BUYER: Langdon Park Capital - Malcolm Johnson SALE PRICE: $63,200,000 UNITS: 304 ~ PPU: $207,895

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$3,370,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$224,536.25
Cash-on-Cash Return-1.27%
Monthly Debt Service$299,600.24
Annual Debt Service$3,595,202.92