Harbor Group International buys Maryland apartments
Harbor Group International has purchased the Palette at Arts District, a 243-unit multi-housing community located in the Arts District of Hyattsville, Maryland.
The sales price was $58.85 million.
JLL marketed the property on behalf of the seller, a global real estate investment manager. In addition, JLL worked on the new owner’s behalf to arrange a 10-year, fixed-rate Fannie Mae acquisition loan. The loan will be serviced by Jones Lang LaSalle Multifamily, a Fannie Mae DUS lender.
Palette at Arts District is situated on 3.75 acres at 5501 45th Ave. within a 20-minute drive of Washington, D.C.’s CBD, a five-minute drive from Prince George’s Plaza Metro Station (Green Line) and a 10-minute walk to the Riverdale MARC train station. The property is also a short walk via the adjacent walking trail to Prince George’s County’s first Whole Foods store, which is surrounded by numerous other retail and dining options. Community amenities include a resort-style pool with lounge seating, courtyard with a fireplace and gas grills, dog park with agility stations, clubroom with pool table, indoor/outdoor cybercafé with coffee bar, state-of-the-art fitness center, and conference room. Other amenities include a rooftop deck with bar, fire pit, grill and pool table offering stunning city views. The property, which was constructed in 2012, consists of a variety of studio, one- and two-bedroom floor plans averaging 870 square feet and approximately 4,700 square feet of ground-floor retail.