Nihar Shah Of Atapco Properties Acquires Charlestowne North Apartments From Freddie Mac For $22.6M

The asset involved in this transaction is the Charlestowne North Apartments, a multifamily property located at 8150 Lakecrest Drive in Greenbelt, MD. The sale was completed for a total price of $22,600,000, encompassing 178 units, resulting in a price per unit of $126,966.

Nihar Shah, representing Atapco Properties, has acquired the property from Freddie Mac, with plans to renovate the asset and enhance its amenities after experiencing a decline in occupancy from 98% to 73% over the last two years. The property is regarded as financially troubled, prompting these planned upgrades.