A 338-unit apartment community in Hyattsville, Maryland has changed hands for the first time since it opened, with Raith Capital Partners acquiring The Highline from The Bernstein Cos. in a deal backed by a $43.8 million acquisition loan. The property, built on the footprint of a 1968 office building, sits roughly seven miles northeast of downtown Washington, D.C.
According to Multifamily Housing News, Harbor Group International issued the $43.8 million loan to finance the purchase, with a maturity date set for August 2031. The outlet, citing Yardi Matrix data, reports that The Highline had not traded since its original development team brought it online in 2020.
The Highline is a partnership between The Bernstein Cos. and Aria Development Group, and it represents an adaptive reuse of a commercial building constructed in 1968. The community includes 24 studios, 197 one-bedroom units, 114 two-bedroom units and three three-bedroom units, with homes ranging from 530 to 1,740 square feet. Shared amenities include a fitness center, pet spa, coworking space and sunroom, alongside 90 parking spots, per the report.
A Dense, Connected Corner of Suburban Maryland
The building sits near the Mall at Prince George's, a shopping center whose tenants include Target, Old Navy, T.J. Maxx and Macy's. U.S. Route 1 and Maryland State Routes 410, 212 and 193 connect Hyattsville to downtown Washington, D.C., giving residents several paths into the city. The same report notes that more than 100 multifamily communities, totaling upward of 28,200 units, sit within a three-mile radius of The Highline — underscoring just how competitive the surrounding submarket has become.
A comparable nearby transaction illustrates how active that competition is: Wesley House, a 127-unit property that includes 120 units of affordable housing, traded for $12.8 million earlier in 2026 after Cubed Partners purchased it in June. That sale, also detailed in the same report, offers a point of reference for the pace of Hyattsville-area apartment deal-making this year.
D.C. Metro Sales Volume Nearly Doubles Year Over Year
The Highline deal lands amid a broader surge in Washington, D.C.-area multifamily investment. The region recorded more than $2 billion in multifamily sales through June 2026, nearly double the $1.1 billion tallied in the first six months of 2025, the report states. In total, 7,219 units across 27 properties changed hands in the metro during the first half of 2026.
That activity pushed the average per-unit sale price in the D.C. metro to $283,851 in the first half of 2026, a 3.3 percent increase from the prior year, according to a separate Multifamily Housing News analysis of top transaction markets. That same analysis found lifestyle assets accounted for $1.3 billion, or 64.5 percent, of the region's total multifamily sales volume in the first half of 2026.
Rent growth, meanwhile, has stayed relatively modest. The average advertised asking rent across D.C. rose just 0.3 percent on a T3 basis through May 2026, reaching $2,227, according to a Yardi Matrix report from July 2026. The same report found the metro had 21,000 multifamily units under construction and another 235,000 in the planning and permitting pipeline, suggesting continued supply pressure even as investment sales heat up.
For now, The Highline's sale stands as one more marker of how quickly capital is moving into the D.C. suburbs, where converted office towers and newer lifestyle developments are drawing institutional buyers eager to plant a flag just outside the capital.
