Overview

Nestled in Landover, Maryland – the Markham View Apartments stand as a condominium community featuring 61-units. Strategically located, the property is a 10-minute drive from FedEx Field, in close proximity to several major grocery store chains, and offers seamless access to the I-495 Beltway.

In 2015, Quasar identified a unique portfolio opportunity within the Markham View Association. A cluster of 26 condominiums were listed for sale at $1.85 million. The Association suffered from mismanagement and a high delinquency rate. The acquisition of these units would provide Quasar effective control over the Association, given its manageable size.

Execution

Quasar compiled an offering memorandum and successfully raised the necessary capital within 48 hours of identifying the opportunity. After making the acquisition, Quasar was positioned to take over the management of the Association and control its capital improvements. Once securing the management of the Association, Quasar received funds for its management services while also overseeing the Association’s budget and maintenance. Quasar then orchestrated the foreclosure of 6-units that belonged to delinquent owners.

Outcome

At the time of purchase, units within the Association were selling for $40,000 each. Quasar orchestrated the purchase of 26-units at an average of $71,000 each – paying the premium for the opportunity to control the Association. In 2023, units within the Association were selling for $213,000 each. Investors attained a 200% return just in appreciation alone.