Greystar Acquired Suburban Heather Ridge Apartments For $92 Million

Greystar has purchased the Heather Ridge Apartments, a 324-unit multifamily asset in Bowie, Md., for $92 million.

Newmark described the sellers, a joint venture between funds managed by the Ares Management Corp.‘s Real Estate Group and LCOR.

Greystar is the largest apartment operator in the U.S., running nearly $220 billion of real estate assets in 200 markets. The company plans to achieve a light capital improvement program at Heather Ridge Apartments to upgrade the units.

Located at 16021 English Oaks Avenue, near Washington, D.C., the Heather Ridge Apartments are next to Bowie Town Center.

As per Newmark, suburban locations like Bowie are very popular with multifamily investors, giving short supply and access to excellent employment and retail.  

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