{"id":1004115385,"date":"2015-03-12T20:10:19","date_gmt":"2015-03-13T04:10:19","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=332006"},"modified":"2020-04-07T08:49:52","modified_gmt":"2020-04-07T16:49:52","slug":"friedkin-realty-buys-bowie-apartment-community-for-72m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/friedkin-realty-buys-bowie-apartment-community-for-72m\/","title":{"rendered":"Friedkin Realty Buys Bowie Apartment Community for $72M"},"content":{"rendered":"

By Adrian Maties, Associate Editor<\/em><\/p>\n

\"\"<\/a>Investors continue to raid the Washington, D.C., area for multifamily assets. The latest buyer to make its presence known in the region is Friedkin Realty Group, a San Francisco-based real estate company that recently paid $71.8 million to buy the Meridian at Bowie in Prince George\u2019s County.<\/p>\n

Friedkin purchased the property from Brookfield Asset Management. The Canadian asset management company listed the apartment community for sale last summer, according to Commercial Real Estate Direct<\/em><\/a>.<\/em> CBRE\u2019s Washington, D.C., Multifamily Investment Properties team represented the seller in the transaction.<\/p>\n

Meridian at Bowie is a 348-unit apartment community located at 3631 Elder Oaks Blvd. in Bowie. It offers one-, two- and three-bedroom apartments, as well as numerous amenities, including a clubhouse, a swimming pool, a business center, a fitness center, on-site parking and more. According to PropertyShark<\/em><\/a>, the property\u2019s current market value is about $63 million.<\/p>\n

Vice Chairman Bill Roohan was part of the CBRE team that represented the seller in the transaction. In a news release, Roohan said only four multifamily communities have been built in Bowie since the 1980s because entitlements for properties of this type in the area are extremely difficult to secure. According to CBRE, the supply of rental housing in the area\u00a0remains constrained, with no deliveries expected within the next 36 months.<\/p>\n

Photo credit: <\/em>Friedkin Realty Group<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investors continue to raid the Washington, D.C. area for multifamily assets. The latest buyer to make its presence known in the region is the Friedkin Realty Group. This San Francisco-based real estate company has recently paid $71.8 million to buy the Meridian at Bowie, in Prince George’s County.<\/p>\n","protected":false},"author":925,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1615],"tags":[],"class_list":["post-1004115385","post","type-post","status-publish","format-standard","hentry","category-latest","category-washington-dc"],"acf":[],"yoast_head":"\nFriedkin Realty Buys Bowie Apartment Community for $72M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/friedkin-realty-buys-bowie-apartment-community-for-72m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Friedkin Realty Buys Bowie Apartment Community for $72M\" \/>\n<meta property=\"og:description\" content=\"Investors continue to raid the Washington, D.C. area for multifamily assets. 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