OneWall Communities, a Stamford, Conn.-based owner and operator of multi-family workforce housing, has acquired a 178-unit garden-style affordable apartment community at 5215 Morris Ave., in Suitland, MD, a suburb of Washington D.C. located just south of the Capital Beltway.
OneWall purchased the newly rebranded Gateway Station, formerly Allentown Apartments, for $23,000,000 from RailField Realty Partners in a transaction arranged by CBRE Affordable Housing.
The acquisition further expands OneWall’s footprint in the Maryland market as the company continues its strategic expansion in the Washington D.C. metropolitan area. Earlier this year it purchased the 459-unit Heather Hills Apartments in Temple Hills, MD, bolstering its portfolio to over 3,000 units of multi-family workforce housing.
“As the multifamily market experiences an increasing supply/demand imbalance, we see continued opportunity in the suburban regions of major employment centers such as Washington, D.C.,” said Ron Kutas, COO/Partner of OneWall Communities. “The Gateway Station transaction is in line with OneWall’s focused investment strategy to acquire and preserve workforce housing in well-located areas that will provide long-term value for our investors.”
Built in 1963 and fully renovated in 2007, Gateway Station comprises eight one- to three-story multifamily buildings with a total of 178 apartments situated on eight acres of landscaped grounds. Offering a mix of studio, one-, two-, and three-bedroom units that feature a balcony or patio, walk-in closet, dishwasher, garbage disposal and air conditioning, the community features a swimming pool, three on-site laundry facilities, a playground and parking for 182 vehicles.
Located directly off Route 337 and adjacent to Interstate 495, Gateway Station is less than a 20-minute commute to numerous large federal employers, including Joint Base Andrews, Suitland Federal Center, U.S. Coast Guard, Department of Homeland Security, and Joint Base Anacostia-Bolling. It offers a myriad of transportation options, including the Branch Avenue Metrorail Station, which is less than two miles away and provides direct service to downtown Washington, D.C., and is surrounded by retail, restaurant, and leisure options.
Gateway Station currently operates under the Section 42 Low Income Housing Tax Credit (LIHTC) program, maintaining various income restrictions for residents.
Added Kutas, “OneWall Communities is committed to making positive social impacts in the areas we serve, and we look forward to providing a high-quality lifestyle for the residents of Gateway Station.”