Ibdar buys $78 million property in Maryland

Manama : Bahrain-based wholesale Islamic Investment bank, Ibdar Bank, has successfully acquired a US$78 million Multi Family Housing property in Montgomery County Maryland, USA - the 6th wealthiest county in Washington DC.

Commenting on the move, Acting Chief Executive Officer of Ibdar Bank, Ahmed Al Rayes said: “The acquisition of a relatively new multi family housing property, which is currently generating higher returns compared to similar quality property within the geographical area, offers a tremendous value-add opportunity and return on investment, with an expected yield of more than 9 percent.” 

The asset, which is a 2001 constructed multifamily property comprised of 326 apartments within 12 three and four story garden-style buildings, includes a renovated clubhouse and is located 25 miles from Downtown Washington DC.

The area boasts the third-largest commercial downtown in the US, being home to the Headquarters of all three branches of the US federal government, the White House, World Bank, and the International Monetary Fund.

Director of Real Estate at Ibdar Bassam Kameshki said: “The investment holding period will be up to 5 years, and we are confident that, with our solid business plan and expert partner, we will produce exceptional returns for our investors”.