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Ernst Equities, LLC has completed its 16.1-million acquisition of Queens Park Plaza, a 94-unit affordable housing asset in Hyattsville, MD.

Ernst Equities Acquires $16M Naturally Occurring Affordable Community in Hyattsville

Washington, DC-based real estate developer Ernst Equities, LLC has completed its $16.1-million acquisition of Queens Park Plaza, a 94-unit naturally occurring affordable housing asset located at 2500 Queens Chapel Road in Hyattsville, MD.

Dean Sigmon, Robin Williams, Justin Shay and Michael D’Amelio of Transwestern Real Estate Services represented the seller, Rimsi Corp., in the sale, which equates to $170,744 per unit. The 1968-constructed Queens Park Plaza was owned and managed by RIMSI Corp for over 40 years.

“This purchase allows new ownership to expand its market share in the immediate submarket and provides significant operational upside by streamlining expenses and implementing quality improvements,” said Sigmon.

The property features a brick-and block-construction plus access to multiple bus routes connecting to West Hyattsville Metro Station and Brookland/Catholic University Station for those working in both Maryland and Washington, DC.


Inside The Story

Transwestern Real Estate Services' Sigmon

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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