Ashford at Henson Creek is situated in Prince George’s County, just four miles outside of downtown Washington, D.C, affording residents seamless access throughout the metro area. The property is strategically positioned in close proximity to several major employers, including the US Census Bureau headquarters at Suitland Federal Center (6,000 employees), Joint Base Andrews (13,500 employees) and Joint Base Anacostia Bolling (17,000 employees). Residents are also just a ten-minute drive from National Harbor, which offers one million sq ft of world-class shopping, outlet, dining and entertainment space. The MGM Grand Destination Resort Casino at National Harbor is set to open this year and will create more than 4,000 local jobs.
Since 2014, 37 units have been renovated to include cherry wood cabinets, black or stainless steel appliances, and upgraded countertops. These apartments generate an average monthly rental premium of more than $150, providing new ownership with a fantastic value-add opportunity to upgrade the remaining 413 units and generate substantially more rental revenue.
“The difference in rental rates between Class ‘A’ and Class ‘B’ properties in specific submarkets continue to favor investors who take advantage of renovation and repositioning opportunities,” said Mr. Roohan, CBRE Vice Chairman. “Due to the large size of the property and the remaining upside potential, Ashford at Henson Creek presents an excellent value-add opportunity to new ownership.”
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.