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MCB Real Estate Acquires Apartments in Capitol Heights
MCB Real Estate has compelted the $5.15 million purchase of SunCrest Apartments in Capitol Heights, Md. Located just one mile south of the Washington, D.C. border at 5225 Marlboro Pike, the 44-unit multifamily property is comprising two buildings, each three stories.
The purchase of SunCrest Apartments was made in collaboration with an institutional investor’s Emerging Manager Program and marks the first transaction with investment partners Ernst Equities and Webb Ventures.
“As institutional investors seek new sources of return, they are increasingly recognizing the benefits of investing with small, emerging, and diverse managers. And likewise with MCB, investing in SunCrest Apartments is not just about financial returns; it’s about recognizing and unlocking the potential in small and emerging entrepreneurs,” said Gina Baker Chambers, President of MCB Real Estate.
Built in 1972, the property is currently 82% occupied. SunCrest has undergone extensive capital improvements, including a new roof and the installation of solar panels that supply lower-cost electricity to the property.
