According to the firm, vacancy rates for Class “B” garden apartments in Prince George’s County have remained low at 2.2 percent compared to 4.1 percent for the entire D.C. metro area, while effective rents have increased 3.3 percent over the last twelve months.
“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 upside potential, Coopers Crossing presents an excellent value-add opportunity to new ownership, added Mr. Roohan.
The property is within five miles of 15 MSF of office space and 16 MSF of retail space. Prince George’s Hospital Center, one of the largest area employers with 2,400 employees, is just two miles from Coopers Crossing. University of Maryland College Park, the largest public institution in Maryland with nearly 37,000 students, and 9,000 employees is just five miles from the property.
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.