OneWall Continues Expansion Into DC Metro

OneWall Communities has acquired a 178-unit garden-style reasonably priced residence neighborhood within the Washington, D.C., suburb of Suitland, Md., for $23 million.

Situated at 5215 Morris Avenue, simply south of the Capital Beltway, the property beforehand referred to as Allentown Flats has been rebranded Gateway Station by its new proprietor. 

RailField Realty Companions was the vendor, having acquired the property in 2019, in line with property information.

In-built 1963 and renovated in 2017, the residence advanced presents studio, one-, two- and three-bedroom models. Group facilities embody a swimming pool, three on-site laundry amenities, a playground and parking for 182 autos. 

Gateway Station at present operates below the Part 42 Low Earnings Housing Tax Credit score program, sustaining varied earnings restrictions for residents.

The property is lower than a 20-minute commute to federal employers resembling Joint Base Andrews, Suitland Federal Heart, U.S. Coast Guard, Division of Homeland Safety and Joint Base Anacostia-Bolling.

With the deal, OneWall continues its enlargement into the D.C. metro space. Earlier this yr, the corporate acquired the 459-unit Heather Hills Flats in Temple Hills, Md.

“Because the multifamily market experiences an rising provide/demand imbalance, we see continued alternative within the suburban areas of main employment facilities resembling Washington, D.C.,” Ron Kutas, a companion and COO of OneWall, stated in a ready assertion. “The Gateway Station transaction is in step with OneWall’s targeted funding technique to accumulate and protect workforce housing in well-located areas that may present long-term worth for our buyers.”

CBRE represented the client within the deal. It was unclear who represented the vendor.

Keith Loria may be reached at Kloria@commercialobserver.com.