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Washington DC  + DC Metro  + Senior Housing  | 
Marcus & Millichap has brokered the sale of Chestnut Oaks senior community in Fort Washington, MD for $15.5 million.

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.

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Marcus & Millichap's Jentoft-herr

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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