GMF Capital, based in New York, has closed on the purchase of the Avanti, a 930-unit community in District Heights, Md. for $131 million. The seller, Suitland Park LLC, is a joint venture between Dragone Realty Investments and PCCP LLC. Dragone chose to retain its ownership stake in the property. Built in 1965, the property has undergone renovations between 2012 and 2016. Located southeast of downtown Washington, D.C. at 6501 Hil-Mar Dr, the asset encompasses 69 garden-style buildings featuring units with up to three bedroom. The seller was represented by ARA Newmark Brokers.
