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.