According to the firm, the supply of rental housing remains constrained with no deliveries expected within the next 36 months yet, the area population is projected to increase by 5.5 percent within the next four years. With a limited supply of multifamily investment opportunities in Bowie, this apartment community will remain in high demand by prospective residents for many years to come.
“Since the 1980s, only four multifamily communities have been built in Bowie because entitlements for multifamily properties in this area are extremely difficult to secure, making Meridian at Bowie an attractive investment,” said Mr. Roohan, a Vice Chairman with CBRE.
Mr. Roohan also noted that the area’s average annual household income is approximately $110,000, indicating a considerable demand for luxury and modern amenities that appeal to sophisticated renters creating upside potential for the new buyer.
Additionally, Meridian at Bowie’s prime location near the Bowie Town Center, Bowie Gateway Center and major retail, entertainment and employment destinations creates a highly-desirable “live, work, play” lifestyle for the residents of the community.
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 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 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.