Value-add keeps paying off in Prince George’s County’s vibrant apartment market. The Donaldson Group has completed major renovations to Regency Pointe Apartments (599 units) in Forestville, MD, and Andrews Ridge Apartments (492 units) in Suitland, MD. Each properties’ aging, highly inefficient central plants have undergone a major utility conversion consisting of an electrical heavy-up, abandonment of the central heating and cooling systems, and installation of high efficiency electric heat pumps in each apartment that have reduced utility expenses roughly 60%. In addition, extensive exterior and common area improvements were made along with interior unit renovations that have resulted in average monthly rent premiums of $186/unit at Andrews Ridge and $155/unit at Regency Pointe. The properties were recently put on the market through Transwestern’s Mid-Atlantic Multifamily Group, allowing purchasers to capture significant, available upside through continued utility and expense savings, renovations of the remaining 700-plus units, and improving market fundamentals.
