Star Real Estate Ventures Acquires 2,566-Unit Multifamily Portfolio in Maryland for $500M
MARYLAND — Star Real Estate Ventures LLC has acquired a five-property multifamily portfolio totaling 2,566 units in Maryland for approximately $500 million. Most of the communities are located in suburban Baltimore.
The properties include Charleston Place in Ellicott City, Morningside Heights in Owings Mills, Top Field in Cockeysville, Tamarron in Olney and Village Square in Glen Burnie. All of the communities feature pools and playgrounds, while four of the five have tennis courts. Home Properties recently operated all five communities.
Financing for the transaction included five separate Fannie Mae loans for a total of $320 million, as well as equity from Related Fund Management. David Webb, Maxi Leachman, Brynn Wendel and Robert LaChapelle of CBRE arranged the financing.
Bill Roohan, Michael Muldowney, Robert Dean and Malcolm McComb of CBRE represented the seller, a global private equity firm.
Star Real Estate Ventures is a real estate investment and management firm that owns and manages 14,500 apartment units in 11 states. The company is headquartered in New York City with offices in Boca Raton, Fla. and Okemos, Mich. This is the firm’s second acquisition of 2019, following the purchase of an 852-unit portfolio in Cincinnati in February. Star is actively looking for additional opportunities to expand its operation, according to CEO Isaac Hera.
— Kristin Hiller