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OneWall Communities Pays $23M for Workforce Community in Suitland
Stamford, CT-based OneWall Communities has acquired a 178-unit, garden-style affordable apartment community in Suitland, MD for $23 million.
CBRE arranged the transaction between OneWall Communities and seller Bethesda, MD-based Railfield Realty Partners.
The acquisition of Gateway Station (formerly Allentown Apartments) follows OneWall’s purchase of the 459-unit Heather Hills Apartments in Temple Hills, MD earlier this year. The company’s portfolio now includes over 3,000 units of multifamily workforce housing in the DC area.
“As the multifamily market experiences an increasing supply/demand imbalance, we see continued opportunity in the suburban regions of major employment centers such as Washington, D.C.,” said Ron Kutas, COO and partner of OneWall Communities. “The Gateway Station transaction is in line with OneWall’s focused investment strategy to acquire and preserve workforce housing in well-located areas that will provide long-term value for our investors.”
Gateway Station operates under the Section 42 Low Income Housing Tax Credit program.
- ◦Sale/Acquisition
