Washington Housing Conservancy Acquires Multifamily Property In Hyattsville, Maryland For $39.5M
SOLD
$39,500,000
Maryland
See Similar DealsMultiFamily176,418 SF
Sold 08/16/2021
SOLD
Washington Housing Conservancy Acquires Multifamily Property In Hyattsville, Maryland For $39.5M
3342 Lancer Drive, Hyattsville, Maryland, USA
See Similar DealsMultiFamily176,418 SF
Sold 08/16/2021
Summary
MARYLAND
Asset Type:MultiFamily
Price Per Square Foot:$223
Total Square Footage:176,418 SF
Transaction Type:Sale
The multifamily property located at 3342 Lancer Drive in Hyattsville, Maryland was recently sold for $39,500,000. The property consists of 245 units, resulting in a per unit price of $161,224.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $39,500,000
- Address: 3342 Lancer Drive, Hyattsville, Maryland
- Market: Hyattsville, Maryland
- Buyer: Washington Housing Conservancy - Richard Newman, Kimberly C. Driggins, and NHT Communities
- Seller: Kushner Companies - Nicole Kushner-Meyer, Charles Kushner, and Laurent Morali
- Units: 245
- Price Per Unit (PPU): $161,224
The buyer of the property was Washington Housing Conservancy, represented by Richard Newman and Kimberly C. Driggins from NHT Communities. They acquired the property from Kushner Companies, with Nicole Kushner-Meyer, Charles Kushner, and Laurent Morali representing the seller.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,106,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$140,335.15
Cash-on-Cash Return-1.27%
Monthly Debt Service$187,250.15
Annual Debt Service$2,247,001.82
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