Apartments Break Ground in Hyattsville; Continental Realty Buys Sterling Apartment Building

By Adrian Maties, Associate Editor

Grady Management Inc., a full-service residential, commercial and real estate consulting firm, started construction last month on a new luxury apartment building in Hyattsville, Md. Prince George’s County executive Rushern Baker, county councilman, Will Campos and Hyattsville Mayor Marc Tartaro attended the groundbreaking ceremony, along with several other members of the local government,  community members and Grady officials.

The mid-rise multifamily building will be named 3350 at Alterra. It is located along Toledo Terrace and is just the first phase of a mixed-use, planned redevelopment of a half-century-old rental complex called Belcrest Plaza. The project will bring 283 studio, one-, two- and three-bedroom apartment homes to Hyattsville. Also included are a cyber cafe, lounge, game room, pool and fitness center, as well as garage parking and bike storage.

Just steps from the Prince George’s Plaza Metro, the new apartments are expected to offer much to the community. Baker said the project ”fits into our vision of transforming neighborhoods in Prince George’s County,” while Jonathan Genn, executive vice president & general counsel for Contee Company L.L.P., called it a ”legacy project.”

In other news, Baltimore-based Continental Realty Corp. announced the acquisition of Chase Heritage, a 236-unit apartment community in Sterling, Va., for about $42.5 million, or $180,000 per unit. The purchase was made on behalf of a real estate fund sponsored by one of the company’s affiliates. Cushman & Wakefield Inc.’s Anthony Liberto and Jeff Pacey represented the seller, ML Casa II L.P., in the transaction.

Chase Heritage was built in 1986 and is located approximately 30 minutes from Washington, D.C., near the Dulles International Airport and Dulles Town Center. It includes one-, two- and three-bedroom apartments, as well as a swimming pool, a community center and a range of recreational areas.

This is the fund’s fourth transaction in the past 18 months and the second apartment community acquired in the Northern Virginia marketplace. The other three properties are:

• The 189-unit Parkwood Court apartment complex in Alexandria, Va.;
• The Shops at Verandah, a 73,000-square-foot retail center in Fort Myers, Fla.;
• A 30,500-square-foot shopping center in Royal Palm Beach, Fla.

Photo credits: GRADY MANAGEMENT, INC.

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