"Hyattsville, Landover, Brentwood" 6 Garden Apartment Complexes 1,083 Units - 90% Occupied

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Listing Details

Sold Price
$10,000,000
Auction Date
Auction Time
11:00 AM
Auction Note
Sale To Be Held: Courthouse Steps, Circuit Court for Prince George's County, 14735 Main Street, Upper Marlboro, MD 20772
Address
1400 University Boulevard, 5360 Quincy Place, 7888 Sheriff Road, 4000 38th Street, 6803 Riggs Road and 1407 Merrimac Drive, Prince George's County, MD, 20772
County
Prince George's County
Neighborhood
Hyattsville, Brentwood, Landover,
Scroll down for Complete Details, including: property description and Terms of Sale.

Venable, LLP, Solicitors
750 E. Pratt Street, Suite 900
Baltimore, MD 21202

SUBSTITUTE TRUSTEES’ SALE
Of Valuable Fee Simple Real Property Portfolio
Consisting Of

SIX (6) GARDEN
APARTMENT COMPLEXES

(1,083 Total Units)

Known As

 

BEDFORD STATION
1400 University Boulevard, Hyattsville, MD

EDMONTON STATION
5360 Quincy Place, Hyattsville, MD

EATON SQUARE
7888 Sheriff Road, Landover, MD

FINCHLEY SQUARE
4000 38th Street, Brentwood, MD

NEWBURY SQUARE
6803 Riggs Road, Hyattsville, MD

VICTORIA STATION
1407 Merrimac Drive, Hyattsville, MD


OFFERED ONLY AS AN ENTIRETY

        Under and by virtue of the power of sale contained in that certain Consolidated, Amended and Restated Deed of Trust, Assignment of Leases and Rents, Security Agreement, Fixture Filing and Substitution of Trustee from New Potomac Limited Partnership, a Maryland limited partnership, to Bernice H. Cilley, Trustee for the benefit of GMAC Commercial Mortgage Bank, dated November 10, 2004, and recorded among the Land Records of Prince George's County, Maryland at Liber 20684, folio 032 (the "Deed of Trust"), which, through subsequent assignments, was ultimately assigned to Wells Fargo Bank, N.A., as Trustee for the Registered Holders of GMAC Commercial Mortgage Securities, Inc., Mortgage Pass-Through Certificates, Series 2004-C3, Anne-Thérèse Béchamps and Courtney G. Capute having been appointed as Substitute Trustees, and at the request of the party secured thereby, default having occurred under the terms thereof, the undersigned Substitute Trustees, or either of them, will offer for sale at:


PUBLIC AUCTION AT THE COURTHOUSE STEPS
CIRCUIT COURT FOR PRINCE GEORGE'S COUNTY, 14735 MAIN STREET
UPPER MARLBORO, MARYLAND 20772

For directions to the Circuit Court for
Prince George's County, visit: maps.google.com


ON TUESDAY, AUGUST 31, 2010

AT 11:00 A.M.


 all of the property described in the Deed of Trust, located in Prince George's County and more particularly described as follows:
 

Bedford Station

Parcels lettered "H", "J" and "K" in the subdivision entitled "Langley Park, Plat No. 3", as per plat thereof recorded in Plat Book WWW 16 at Plat 37 among the Land Records of Prince George's County, Maryland, being in the 17th Election District.
SUBDIVISION PLAT (pdf)


Eaton Square

Parcel lettered "B" in Block numbered 5, in the subdivision known as "Section Two-Palmer Park", as per plat thereof recorded in Plat Book WWW 46 at Plat 100 among the Land Records of Prince George's County, Maryland, being in the 13th Election District.
SUBDIVISION PLAT (pdf)


Edmonton Station

Parcels lettered "A" and "B" and Outlot "2-A" in the subdivision known as "Ropewalk", Bladensburg, as per plat recorded in Plat Book 12, Plat 33 in the Land Records of Prince George's County, Maryland, being in the 2nd Election District.
SUBDIVISION PLAT (pdf)


Finchley Square

All of Blocks "A", "B" and "C" in the subdivision known as "Keenan Tract, Brentwood", as per plat thereof recorded in Plat Book 9, Plat 74 in the Land Records of Prince George's County, Maryland, being Lots 1 through 21, Block A, Lots 1, 2 and 3, Block B and Lots 1 and 20, Block C [the last lot believed to be more correctly described as Lot 2, Block C].
SUBDIVISION PLAT (pdf)


Newbury Square

Parcels numbered One (1) and Two (2) in the subdivision known as "Riggs Manor", as per plat recorded in Plat Book BB 14, Plat 27, among the Land Records of Prince George's County, Maryland, save and except the property conveyed in fee to the Board of County Commissioners of said County by deed dated June 1, 1949 and recorded June 24, 1949 in Liber 1133, folio 177 among the said land records, and to the State Roads Commission of Maryland by deed dated May, 1962 and recorded January 30, 1963 in Liber 2781, folio 454 among the aforesaid Land Records.
SUBDIVISION PLAT (pdf)


Victoria Station

Parcel lettered "F" in the subdivision known as "Langley Park, Plat No. 2", as per plat of said subdivision recorded in Plat Book 16, Plat 36, among the Land Records of Prince George's County, Maryland; being in the 17th Election District.
SUBDIVISION PLAT (pdf)


TOGETHER WITH buildings and other improvements, fixtures, personal property (other than the personal property of tenants), easements and other rights all as granted in the Deed of Trust.  All of the above is hereinafter collectively referred to as the "Trust Property."
 

        The foreclosure sale advertised herein has been docketed in the Circuit Court for Prince George's County, Maryland as Case No. CAE10-13512.
 

        The Trust Property will be sold ONLY AS AN ENTIRETY SUBJECT TO, among other things:  (a) all liens, covenants, conditions, restrictions, encumbrances, easements, rights-of-way, matters, and limitations of record affecting the Trust Property, if any, to include, but without limitation, all matters disclosed in Title Commitment No. NCS-432377-DC72 issued by First American Title Insurance Company (the "Title Commitment"), which is available for inspection prior to the sale date at the office of the auctioneer set forth below, subject to the execution of a confidentiality agreement; (b) any matters or state of facts which could be ascertained by a physical inspection of the Trust Property or which would be shown on an accurate survey of the Trust Property; (c) the rights, if any, of persons in possession of all or any part of the Trust Property under recorded or unrecorded leases or occupancy agreements; (e) existing housing, building, subdivision and zoning code violations, if any; (f) the right of redemption of the United States Government, if any; and (g) all environmental conditions which may exist, including without limitation asbestos, underground storage tanks, or radon gas concentrations.


DESCRIPTION OF PROPERTY


Bedford Square – The property is an 18.82 acre parcel of land improved with garden-style apartment buildings with brick veneer, containing a total of 487 units (236 one-bedroom/one-bath units and 251 two-bedroom/one-bath units).  Buildings have a central boiler system, and all utilities are included in rent except water, which is billed at a flat fee of $28 per month per one-bedroom unit and $33 per month per two-bedroom unit.  Window air conditioning units are rented at $75 per month.  Amenities include a leasing office, playground, six laundry facilities and 730 parking spaces. As of August 2, 2010, this complex was 95.4% occupied.

Photos of auction property
AERIAL VIEW - ENTIRETY    AERIAL VIEW - PARCEL H    AERIAL VIEW - PARCELS J & K
LEASING OFFICE    EXAMPLE BUILDING    PARKING LOT    STREET SCENE

For directions from your location, visit: maps.google.com


 


Eaton Square – The property is a 2.64 acre parcel of land improved with 4 three-story apartment buildings with brick veneer, containing a total of 48 two-bedroom/one-bath units.  Residents pay gas and electric; water is included in rent.  Amenities include a leasing office, playground and 50 surface parking spaces.  As of August 2, 2010, this complex was 89.5% occupied.

Photos of auction property
AERIAL PHOTO #1    AERIAL PHOTO #2    EXAMPLE BUILDING #1
EXAMPLE BUILDING #2    PARKING LOT

For directions from your location, visit: maps.google.com


 


Edmonton Station – The property is a 4.6 acre parcel of land improved with garden-style apartment buildings with brick veneer, containing a total of 119 units (70 one-bedroom/one-bath units and 49 two-bedroom/one-bath units).  Buildings have a central boiler system, and all utilities are included in rent.  Window air conditioning units are rented at $75 per month.  Amenities include a leasing office, three laundry rooms and 91 surface parking spaces.  As of August 2, 2010, this complex was 90% occupied.

Photos of auction property
AERIAL PHOTO #1    AERIAL PHOTO #2    EXAMPLE BUILDING #1
EXAMPLE BUILDING #2    STREET SCENE    PARKING AREA

For directions from your location, visit: maps.google.com


 


Finchley Square – The property is a 4.2 acre parcel of land improved with garden-style apartment buildings with brick veneer, containing a total of 115 units (82 one-bedroom/one-bath units, one one-bedroom/one-bath/den unit and 32 two-bedroom/one-bath units). Buildings have a central boiler system, and all utilities are included in rent.  Window air conditioning units are rented at $75 per month. Amenities include five laundry rooms and 95 open parking spaces. As of August 2, 2010, this complex was 91.3% occupied.

Photos of auction property
AERIAL PHOTO #1    AERIAL PHOTO #2    EXAMPLE BUILDING #1    EXAMPLE BUILDING #2
EXAMPLE BUILDING #3    PARKING LOT    STREET SCENE

For directions from your location, visit: maps.google.com


 


Newbury Square – The property is a 6.95 acre parcel of land improved with garden-style apartment buildings with brick veneer, containing a total of 213 units (38 one-bedroom/one-bath units, 4 one-bedroom/one-bath/den units, 137 two-bedroom/one-bath units, 28 two-bedroom/one-bath/den units and 6 three-bedroom/one-bath units).  Buildings have a central boiler system, and all utilities are included in rent.  Window air conditioning units are rented at $75 per month. Amenities include a leasing office, playground, four laundry facilities and 180 parking spaces.  As of August 2, 2010, this complex was 92.5% occupied.

Photos of auction property
AERIAL PHOTO #1    AERIAL PHOTO #2    ENTRANCE TO COMPLEX    EXAMPLE BUILDING #1
EXAMPLE BUILDING #2    EXAMPLE BUILDING #3    EXAMPLE BUILDING #4

For directions from your location, visit: maps.google.com


 


Victoria Station – The property is a 4.19 acre parcel of land improved with garden-style apartment buildings with brick veneer, containing a total of 101 units (51 one-bedroom/one-bath units and 50 two-bedroom/one-bath units).  Buildings have a central boiler system, and all utilities are included in rent except water, which is billed at a flat fee of $28 per month per one-bedroom unit and $33 per month per two-bedroom unit.  Window air conditioning units are rented at $75 per month.  Amenities include playground, laundry facilities and 75 open surface parking spaces.  As of August 2, 2010, this complex was 94% occupied.

Photos of auction property
AERIAL PHOTO #1    AERIAL PHOTO #2    EXAMPLE BUILDING #1
EXAMPLE BUILDING #2    PARKING LOT

For directions from your location, visit: maps.google.com


 


        The Trust Property is currently being managed by The Donaldson Group, a receiver appointed by the Circuit Court for Prince George's County, Maryland in Case No. CAE1016440.


        Please sign and return a: CONFIDENTIALITY AGREEMENT (pdf)  to receive a due diligence package including rent roll.


        The information contained herein was obtained from sources deemed to be reliable, but is offered for information purposes only.  The auctioneer, the party secured by the Deed of Trust and the Substitute Trustees make no representations or warranties with respect to the accuracy of this information. 


CONDITIONS OF SALE


        The Trust Property and all parts thereof are sold "AS-IS, WHERE IS," and neither the Substitute Trustees, the party secured by the Deed of Trust nor the auctioneer make any warranty or representation, either express or implied, of any kind or character: (i) with respect to all aspects of the physical condition of the Trust Property and all parts thereof, (ii) with respect to subdivision, zoning or use of the Trust Property and all parts thereof, (iii) with respect to leases or rents and all security deposits given therefor, if any, (iv) with respect to present and future contract rights, accounts receivable, general intangibles, licenses, chattel paper, guaranties, proceeds of insurance, instruments, deposits, fees, rents, issues, profits, or receipts, if any; or (v) with respect to the environmental condition of the Trust Property and all parts thereof.  Neither the Substitute Trustees nor the party secured by the Deed of Trust nor any other party guarantee or covenant to deliver or in any way obtain possession of any part of the Trust Property or security deposits for the purchaser.


TERMS OF SALE
 

        This advertisement, as amended or supplemented by any oral announcements during the conduct of the sale, constitutes the Substitute Trustees' entire terms upon which the Trust Property shall be offered for sale, sold or purchased.  The Substitute Trustees reserve the unqualified right to withdraw the Trust Property at any time before the sale.  If the Substitute Trustees determine that a final bid is not commensurate with the value of the Trust Property which is the subject of the bid, they may reject the bid and withdraw the Trust Property, which is the subject of the bid, from sale.  The highest bidder acknowledged by the Substitute Trustees shall be the purchaser.  If any dispute arises among the bidders, the Substitute Trustees shall have the sole and final discretion either to determine the successful bidder or to reoffer and resell the Trust Property.


        Prior to the commencement of the foreclosure sale, a cashier's check or certified check of One Million and 00/100 Dollars ($1,000,000.00) payable to the Substitute Trustees shall be required from each bidder, other than a bidder on behalf of the party secured by the Deed of Trust or its agents, assigns, or subsidiaries.  All deposits will be returned immediately after the sale except the deposit of the successful bidder of the Trust Property.  The deposit of the successful bidder will be applied to the purchase price at settlement.  The Substitute Trustees shall also require execution of a Contract of Sale immediately upon completion of the sale.


        The purchaser, if other than the party secured by the Deed of Trust, its successors or assigns, shall be required to increase its deposit to an amount equal to five percent (5%) of the bid price payable by cashier's or certified check or immediate funds wire transfer to the Substitute Trustees within forty-eight (48) hours after the sale.  The balance of the purchase price, together with interest on such balance at a rate of ten percent (10%) per annum, from the date of sale, must be paid by immediate funds wire transfer on the date of settlement.  In the event that settlement is delayed for any reason, there shall be no abatement of interest.


        All state and local ad valorem real estate taxes, other public charges, regular and special assessments, and the like shall be adjusted to the date of sale and thereafter assumed by the purchaser(s).  All collected rent net of all expenses and other collected income net of all expenses shall be adjusted as of the date of sale.  The purchaser shall pay all state and local transfer taxes, recordation taxes and fees, title examination costs, purchasers' attorney's fees, conveyancing fees, notary fees, and all other incidental settlement costs.


        The purchaser at foreclosure sale shall assume all risk of loss for the Trust Property purchased immediately after the sale takes place.  The purchaser(s) shall settle and comply with the sale terms within twenty (20) days following final ratification of sale by the Circuit Court for Prince George's County unless said period is extended by the Substitute Trustees for good cause shown.  Settlement shall be held at the offices of Venable LLP, 750 E. Pratt Street, Suite 900, Baltimore, Maryland 21202.


        TIME IS OF THE ESSENCE IN THE PERFORMANCE OF ALL OF THE TERMS HEREOF.
 

        If the Substitute Trustees are unable to convey the Trust Property as described, the purchasers' sole remedy at law or in equity shall be limited to the refund of the aforementioned deposit.  Upon refund of the deposit to the purchaser(s), the sale shall be void and of no effect, and the purchaser(s) shall have no further claim against the Substitute Trustees, the auctioneer or the party secured by the Deed of Trust.
 

        If the purchaser defaults, in addition to any other legal or equitable remedies available to them, the Substitute Trustees may declare the entire deposit forfeited and resell the Trust Property at the risk and cost of the defaulting purchaser.  In such event, the defaulting purchaser shall be liable for the payment of any deficiency in the purchase price, all costs and expenses of both sales, reasonable attorney's fees, all other charges due, and incidental damages.  The parties' respective rights and obligations regarding the Terms of Sale and the conduct of the sale shall be governed by and interpreted according to the laws of the State of Maryland.


        Prospective bidders and other interested parties may obtain additional or more detailed information concerning this sale, and upon execution of a confidentiality agreement, the 2009 year-end operating statements, the 2010 year-to-date operating statements, the current rent roll, and the Title Commitment covering the Trust Property, by contacting the auctioneer at the telephone number below. 


Anne-Thérèse Béchamps
Courtney G. Capute
Substitute Trustees


        Please sign and return a: CONFIDENTIALITY AGREEMENT (pdf)  to receive a due diligence package including rent roll.