A Baltimore firm has acquired a vacant parcel in Largo next to Metro with plans to develop a multifamily building, bringing the area one step closer to the mixed-used downtown Prince George’s has envisioned, and incentivized with tax perks, to take shape there.
An affiliate of Klein Enterprises, a developer and real estate services company, bought the vacant 5.1-acre lot at 9420 Grand Blvd., adjacent to the Largo Town Center Metro Station, from an affiliate of D.C.-based PNGS Management Co. The $13 million deal closed Sept. 14, according to property records.
As part of the transaction, Klein also assumed control of a separate PNGS affiliate, which held existing development entitlements to build on the property. Now the owner of that entitled entity, Klein intends to build a 379-unit apartment community, to include about 9,000 square feet of retail. Sean Garland, Klein’s chief investment officer, described the undertaking in an interview as stepping into PNGS’s shoes.
