NEW YORK--(BUSINESS WIRE)--Besyata Investment Group and The Scharf Group, both NY-based single family offices, have acquired Arbor Vista in Washington D.C. metro for a purchase price of $90 million.
Besyata and Scharf Group have been on a winning streak of successful acquisitions, only a few months ago closing on a $74 million 1,033-unit Multifamily Portfolio in Atlanta and Louisville.
BH Management, Besyata’s long-standing partner and leading property manager of 70,000 apartments in 23 states, will oversee the day-to-day property management and leasing.
Arbor Vista, Sienna Creek, and Sienna Gardens, together a 675-unit 1960-vintage garden style multifamily apartment complex in Adelphi, M.D., offers superior amenities, including a pool, playgrounds, community, fitness and business centers, laundry, and soccer field.
The community beneﬁts from a convenient inside-the-beltway location within a few-minute drive from major roadways I-495 and I-95, allowing for an easy commute to downtown D.C., University of Maryland, The Mall at Prince George’s, and throughout the entire metro area.
The metro area has a diverse economy with strengths in core sectors, including professional and business services, education and health services, and agencies supporting the federal government. The submarket has an established hub of large employers, including University System of Maryland, FDA, Joint Base Andrews Naval Air Facility, IRS, Census Bureau, UPS, and NASA.
With the continued population growth and low unemployment, the submarket has a strong demand for class B units.
Besyata and Scharf Group plan to add value to the communities by creative modernization of the amenities and gradual unit renovations. The property will benefit from strong market fundamentals and organic rent growth. Besyata believes that investing in value-add class B multifamily transactions in well-positioned class B suburbia presents a prime opportunity to generate attractive risk-adjusted returns in the multifamily space.
A NY-based family office focused on acquiring multifamily and retail
properties with substantial upside, while pursuing a value-add strategy.
Besyata is an owner and operator of properties nationwide and has
originated and invested in over 100 successful real estate transactions.
The Scharf Group
A NY-based fourth generation family office; owner, developer, and operator of a large portfolio of commercial, retail, residential, Healthcare & Senior housing properties nationwide.