Eastern Union has aided the $42 million sales of the former Portabello Apartments, a 254-unit multifamily complex in the Washington, D.C., neighborhood of Oxon Hill, Maryland.
The buyer was not disclosed. The seller was listed as a Bethesda LLC, which acquired the property in 2003.
The property will soon be stamped as a Spark Living property, known for being eco-friendly societies, with its new name, Spark Oxon Hill.
Settled at 6441 Livingston Road, nearly two miles from National Harbor, the complex gives one-, two-, and three-bedroom apartments with rents between $1,145 to $1,820 a month.
Alex Bensahel, director of Eastern Union’s investment sales division, noted the off-market transaction was completed in less than 12 days, showing the vitality of the multifamily market in the area.
Looking at the growth of Prince George’s County over the past 12 to 18 months, values have probably jumped about 55% and properties that traded 18 months ago about $110,000 a unit are now trading at $185,000 a unit.
Joining Bensahel on the agreement were Eastern Union’s Senior Managing Director, Marc Tropp, and Managing Director David Merkin.