We are thrilled to announce the successful sale of Midtown at Camp Springs. The property comprises 291 units and boasts approximately 10,000 square feet of retail space. Located in Prince George’s County, Maryland, Midtown has been a significant venture for us.
Having acquired the property in December 2017 for $63,200,000, it marked our inaugural investment in a property with retail space. Initially, there was only one retail tenant, and despite skepticism from various retail brokers who doubted our ability to lease the remaining space, we persevered and successfully leased out all of the retail areas.
Through diligent efforts to enhance our company’s operations, we not only increased the efficiency of Midtown but also achieved consistent growth in occupancy and revenue. Notably, we navigated competition from two newly developed lease-up properties across the street.
In a significant development, the property was sold in Q4 for $88,750,000, resulting in an impressive 2.4x equity multiple and a robust 20.4% internal rate of return (IRR) for our valued investors.
This successful venture underscores our commitment to overcoming challenges and delivering outstanding results. We look forward to future opportunities for growth and success.
