MCB Real Estate has successfully acquired SunCrest Apartments in Capitol Heights, Maryland for a total of $5.15 million. The property is located at 5225 Marlboro Pike, just one mile south of the Washington D.C. border and consists of two three-story buildings with a total of 44 units.
This purchase was made possible through MCB’s collaboration with an institutional investor’s Emerging Manager Program and marks their first transaction with investment partners Ernst Equities and Webb Ventures.
According to Gina Baker Chambers, President of MCB Real Estate, there is a growing recognition among institutional investors about the benefits of investing in small, emerging and diverse managers like MCB. This investment not only promises financial returns but also supports small businesses by unlocking their potential.
Built in 1972, SunCrest Apartments currently has an occupancy rate of 82%. The property has recently undergone significant capital improvements such as a new roof installation and the addition solar panels that provide lower-cost electricity to the building.
Overall,this acquisition showcases MCB Real Estate’s commitment to investing in properties that have potential for growth while also supporting smaller entrepreneurs within the real estate industry.
