EXECUTIVE SUMMARY
Berkadia is pleased to present the sale of Governor’s Green Apartments (the “Property”), a 478-unit community located in Bowie, MD less than 15 miles (or a 30-minute drive) from Washington, DC and 25 miles (or a 35-minute drive) from Baltimore, MD. Governor’s Green has exceptionally attractive assumable financing with terms that are not available in today’s capital markets.
Built in 2002, this Property is located in a supply-constrained submarket with the most recent delivery occurring in 2014. With a strong historical performance, limited future supply pipeline, and mature vintage, Governor’s Green provides a substantial value add opportunity to improve the 432 classic units and add significant top line revenue.
At the junction of US Route 50 and Crain Highway, Governor’s Green provides convenient access throughout Washington, DC and suburban Maryland and proximity to several of Maryland’s largest demand drivers such as Fort Meade (60,000 direct/125,000 indirect employees), Joint Base Andrews (17,500 employees), and the University of Maryland’s Capital Region Medical Center, a newly delivered $650 million, 600,000 SF investment that employs 2,000 medical professionals.
In addition to several of Maryland’s largest employers, the Property is within a 20-minute drive of nearly 20 million SF of suburban office space throughout Prince George’s County and within 2.5 miles of 3 million SF of retail including Bowie Town Center’s +800,000 SF of shops and restaurants at a walkable distance of 1 mile.
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing.
4445 Willard Ave | Suite 1200 | Chevy Chase, MD 20815
Visit Doc Center
16501 Governor Bridge Rd. | BOWIE, MD 20716
946
AVG UNIT SF
478
UNITS
2002
built
The Opportunity
The Asset
Photo Gallery
Contact
Doc Center
Privacy
Terms of Use
WALTER COKER
Senior Managing Director
703.282.8081
walter.coker@berkadia.com
BRIAN CRIVELLA
Senior Managing Director
301.580.6685
brian.crivella@berkadia.com
YALDA GHAMARIAN
Senior Director
240.462.2332
yalda.ghamarian@berkadia.com
BILL GRIBBIN
Director
301.580.6486
bill.gribbin@berkadia.com
INVESTMENT SALES
DC METRO
4445 Willard Ave.
Suite 1200
Chevy Chase, MD 20815
CONTACT US
About
Why Us?
Floorplans
Pricing
Design
Work Plan
The Team
© 2023 Berkadia Proprietary Holding LLC
Berkadia® is a trademark of Berkadia Proprietary Holding LLC
Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. This website is not intended to solicit commercial mortgage loan brokerage business in Nevada.
In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker Lic. #01931050, Berkadia Commercial Mortgage LLC under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing
Contact Us
Contact Us
DEAL HIGHLIGHTS
Limited Tax Exposure
as the Property received an assessment of $104mm for the 2023 - 2025 triennial cycle (previously assessed at $98.7mm) only an increase of $32,000 annually
Below Replacement Cost
in submarket with no anticipated deliveries
over the upcoming 18 months
Great Connectivity to Top Employment in Washington and Baltimore MSA’s with convenient access to the expanding Largo Station submarket
Tremendous Loan Assumption
opportunity with advantageous in-place debt amidst capital markets volatility
(3.04% Rate, $95,053,000 Remaining Balance,
3 Years I/O with 7 Years Term)
90% OF UNIT MIX (432 UNITS) OFFER TREMENDOUS VALUE-ADD UPSIDE
TARGETED UPGRADES AVAILABLE TO THE 46 PRIOR OWNERSHIP RENOVATED UNITS COMPLETED IN 2017 THAT ARE ACHIEVING +$200 PREMIUMS OVER CLASSIC UNITS
Prime Value-Add Opportunity
Exceptional proven value-add upside of +$200 through strategic unit interior upgrades
Excellent Recent Property Trends
with 10.8% average trade-outs on new lease YTD and 13.2% average trade-outs since Q3 2022
· Upgrade Appliances to
Stainless Steel
· Replace Cabinet Fronts
· Install Tile Backsplash
· Upgrade Countertops
and Fixtures
· Upgrade Lighting Throughout
· Install Wood Style Flooring throughout the 286
carpeted units
· Install Smart Thermostat
· Upgrade Lighting
· Upgrade Bathroom Fixtures
· Upgrade Countertops
· Install Curved Shower Rods
- 66% of Classic Units have carpet flooring
- 34% of Classic Units have wood-style vinyl flooring
in-place premium
+200
· Install Smart Thermostat
· Install Closet Systems
· Install Tile Backsplash
· Install Keyless Entry
· Install Tech Package
WIDE ARRAY OF RECENTLY IMPROVED AMENITY OFFERINGS
Extensive Recent Capital Improvements Completed including but not limited to:
Major landscaping and sitework improvements, roofs, stairways, utility spaces and HVAC/Water Heaters.
2002