In December 2017, we made our initial foray into Prince George’s County with the acquisition of Midtown at Camp Springs—a thriving 291-unit apartment community featuring 10,000 square feet of retail space. This strategic investment yielded impressive results, with Midtown being procured for $63.2 million and subsequently sold for a notable $88.7 million in October 2022. Building on this success, we expanded our presence in 2019 with the acquisition of two additional apartment communities, followed by another in 2020.
As our tenure in Prince George’s County progressed, we began actively seeking opportunities for development. This pursuit has culminated in Cedar Pointe Townhomes, our inaugural development project within the county. Conveniently located less than one mile from Medstar Southern Maryland Hospital in Clinton, MD, this project encompasses the creation of 34 homes available for sale.
Our esteemed CEO, Gil Horwitz, is enthusiastic about this undertaking, viewing it as a significant milestone for our organization. We are fervently pursuing additional development prospects within the county, and we are pleased to report that the initial phase of home construction is progressing admirably.
Stay tuned for updates as Cedar Pointe Townhomes take shape, promising a new standard of living in Prince George’s County.
