WHITE MARSH, MD. — CB Richard Ellis Investors, a Delaware LLC, has purchased the 544-unit Cambridge Court Apartments, a complex consisting of garden and mid-rise properties, from an undisclosed institutional investor for $65 million. The complex is located at 386 Attenborough Dr. in White Marsh. Cambridge Court lies 20 miles from Aberdeen Proving Ground, a U.S. Army property undergoing reorganization under the Base Realignment and Closure campaign.
Cambridge Court was built in 1999 and 2002, making it the newest apartment complex in the Baltimore County North 1-95 corridor, according to CB Richard Ellis. Sale of the property is one of the first substantive apartment sales in the Mid-Atlantic region this year. The complex is currently 93 percent occupied.
Bill Roohan, Mike Muldowney, Mike Rudolph and Andy Boyer of CB Richard Ellis’ Multi-Housing team in Washington, D.C., represented the seller. Mauray Zanoff and Joe Donato of the firm’s Capital Markets Mid-Atlantic Debt & Equity Group secured $38.6 million in permanent financing for the purchase. The 5-year Fannie Mae loan carries an interest rate of 4.92 percent.
— Jon Ross