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Washington DC & Mid-Atlantic  + DC Metro  + Apartments  |  June 16, 2021
David Cohen
By: David Cohen

Newmark Arranges $92M Sale of Metro D.C. Apartment Property

Newmark has arranged the $91.7 million sale of Heather Ridge Apartments, a 324-unit multifamily property in Bowie, MD.

Located at 16021 English Oaks Ave., the property is situated adjacent to Bowie Town Center, a 755,000-square-foot outdoor shopping mall boasting nearly 80 storefronts. The community is also located across the street from Bowie City Hall.

Christine Espenshade and Robert Garrish of Newmark represented the seller in the transaction, a joint venture partnership of funds managed by the Real Estate Group of Ares Management and LCOR. The buyer, Greystar, plans to implement a light capital improvement program to upgrade the rental units.   

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Newmark’s Espenshade

About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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