Matan Companies Sells Prospect Hall Apartments in Frederick, MD
Frederick, MD. September 14, 2017 - Matan Companies announced today the sale of their Prospect Hall Luxury Apartments, a 376-unit, Class-A, multifamily community located at 909 Mansion Drive in Frederick. Prospect Hall, which opened in September 2014, was sold to HASTA Capital on Wednesday, September 13th. The seller was represented by Christopher Doerr and William C. Harvey of Walker & Dunlop. Walker & Dunlop also arranged the financing for this transaction.
“We acquired the Prospect Hall site in 2013 with a vision to reposition the former school and historic landmark site by developing a Class-A multifamily community,” said Laura Murrer, Senior Asset Manager for the Matan Companies. “With that vision realized, Prospect Hall offers the buyer a stabilized opportunity in a strong rental market that has high barriers to entry.”
Prospect Hall Apartments is comprised of 13 garden-style buildings offering one and two-bedroom apartment homes, ranging in size from 762 to 1,254 square feet. Unit features include gourmet kitchens, walk-in closets, built-in bookcases, full-size washers and dryers, patios, lofts and fireplaces. Amenities include a clubhouse with fitness center and locker rooms, cyber cafe, billiards room, theater room, outdoor pool, dog park and playgrounds.
The seller, Matan Companies, was the developer of the property, Grimm + Parker was the architect and Morgan Keller, Inc. was the contractor.