05 Jan 2022
Ibdar has successfully exited from the Park at Kingsview Village, a multifamily property located at Germantown, Maryland, USA for a total consideration of US$ 103.0 million. The property is a residential complex built in 2001 with 12 three and four-storey buildings comprised of 326 apartments. Located in the heart of the I-270 corridor, a biotechnology epicenter of the Mid-Atlantic region and home to the National Institutes of Standards and Technology, the National Institutes of Health and the Department of Energy. The property was purchased at a discount to replacement cost and was exited at a highly attractive cap rate.
Ahmed Mostafa, CEO, commented: “Another international real estate transaction milestone for Ibdar this year which proves our firm’s capability to execute on cross-border transactions from sourcing to exit.”
Fahim Shelot, Director of Alternative Investments and Real Estate commented: “This was a complex transaction where we executed a selective value add plan and were able to position the property in the market for a successful exit. The diligent underwriting and strong fundamentals of the property led to an attractive exit for Ibdar and investors.”