Alex Bensahel, the director of the Investment Sales Division for the Mid-Atlantic Group of Eastern Union, has arranged the $7.9-million sale of a 48-unit apartment portfolio in Takoma Park, MD, a city located about six-and-a-half miles northeast of Washington, DC.
The Mid-Atlantic Group is based in the Bethesda, MD office of Eastern Union, a national commercial real estate firm that provides both capital markets advisory services and financing services.
The Takoma Park apartments are in a range of sizes, and also have varying bed/bath counts. The gross square footage across the entire portfolio is 42,557 square feet, which equates to an average size of about 887 square feet per unit. The average price per apartment is $164,584.
The 48 units are distributed among these five addresses: 22 units at 702 Chaney Drive, and four at 8501, six at 8503, four at 8505, six at 8507, and three units at both 8609 and 8611 Flower Avenue.
Mr. Bensahel said that the portfolio sold at one of the highest prices per unit in the Takoma Park area. The seller was not identified.
“Reflecting Eastern Union’s commitment to superior customer service, we sold these properties at a price that aligns with the highest prices now being commanded in Takoma Park,” said Mr. Bensahel.
Mr. Bensahel was assisted in the transaction by Rahmaan Streater, vice president of operations for Eastern Union’s Investment Sales Division. Mr. Bensahel also gave special acknowledgement to two colleagues in the firm’s Mid-Atlantic office: senior managing director Marc Tropp and managing director David Merkin.
About Eastern Union
Founded in 2001, Eastern Union is a leading, national commercial mortgage brokerage firm. It employs more than 90 real estate professionals and closes an average of $4 billion in transactions annually. Eastern Union leverages its relationships with lenders and its marketplace knowledge to secure the best available rates and terms.
Headquartered in New York, Eastern Union secures financing for transactions of all sizes across the United States. Transactions, which can include multi-state and multi-site portfolios, encompass conventional commercial mortgages, structured debt, healthcare, hospitality, mobile home parks, single-family rentals, investment sales, and — handled in conjunction with company affiliate Eastern Equity Advisors — equity placement.
For more information, visit www.easternunion.com.