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Market-Rate Senior Housing Condo in Fort Washington Trades for $16M
Marcus & Millichap has brokered the sale of Chestnut Oaks, a 108-condominium unit in a 149-unit market rate senior housing condominium community in Fort Washington, MD. The condominium units sold for a combined purchase price of $15.5 million, or $143,519 per unit, at a 4.33% cap rate based on trailing-twelve-month financials.
Zupancic, Barreiro, Nick Murray, and Eric Jentoft-Herr of Marcus & Millichap represented the seller in the transaction. The buyer was secured by the Marcus & Millichap and represented by Sean Brown.
“Given the rapid expansion of the senior population and historically high life expectancies, the projected demand for market rate senior housing projects coupled with a lack of existing supply will support strong rent growth well into the future,” said Jentoft-Herr.
The property is located at 1800 Palmer Road less than on mile mile east of Indian Head Highway and five miles south of Washington, DC.
- ◦Sale/Acquisition
