LAUREL, MD. — Syndicated Equities, a private real estate investment firm based in Chicago, has sold the Johns Hopkins University Applied Physics Laboratory in Laurel. An unnamed, Florida-based investor purchased the building for $53 million in a 1031 exchange. The property is situated within Montpelier Research Park near Johns Hopkins University’s Laurel campus. Syndicated Equities purchased the property in January 2011 in a joint venture with Middleton Partners, which is also based in Chicago. During its ownership, Syndicated Equities executed two long-term leases and made significant improvements to the asset, including installing new roofs.
LAUREL, MD. — Syndicated Equities, a private real estate investment firm based in Chicago, has sold the Johns Hopkins University Applied Physics Laboratory in Laurel. An unnamed, Florida-based investor purchased the property for $53 million in a 1031 exchange. Syndicated Equities purchased the laboratory facility in January 2011 in a joint venture with Middleton Partners, which is also based in Chicago. During its ownership, Syndicated Equities executed two long-term leases and made significant improvements to the asset, including installing a new roof.
LANDOVER HILLS, MD. — Walker & Dunlop has provided a $105 million acquisition loan for The Verona at Landover Hills, a 727-unit multifamily community located in the Washington, D.C., suburb of Landover Hills in Prince George’s County. Walker & Dunlop’s John Gilmore and his team structured the acquisition financing through Fannie Mae’s Multifamily Affordable Housing platform on behalf of the buyer, a joint venture between Dantes Community Partners and the Urban Investment Group (UIG) within Goldman Sachs Asset Management. Built in 1966, The Verona previously operated as a traditional market-rate community but Dantes and UIG entered into an agreement with Prince George’s County Department of Housing & Community Development at closing where new affordability restrictions were placed on the asset. The 30-acre property consists of 25 four-story apartment buildings with 91 separately addressed entryways. Units feature new stainless steel appliances and upgraded cabinetry and countertops.
WALDORF, MD. — Klein Enterprises and Evolv LLC, an affiliate of Fraser Forbes Real Estate Services, have acquired land in Waldorf to construct 74 build-to-rent (BTR) townhomes. The duo are acquiring lots in two phases via an assignment agreement with Dream Finder Homes, a homebuilder based in Jacksonville. Klein and Evolv plan to break ground in August on Phase I, with construction estimated to last 15 months and homes be delivered on a rolling monthly basis. The community will be situated in Waldorf’s Scotland Heights neighborhood, about 25 miles south of Washington, D.C.
BETHESDA, MD. — Grosvenor and an unnamed investment partner have acquired a 21-story apartment tower in North Bethesda that coincidentally shares a name with the private investor. Grosvenor Tower is located at 10301 Grosvenor Place and features 237 apartments. The acquisition price was not disclosed, but the Washington Business Journal reports that the asset traded for $95 million and that Grosvenor plans to invest $10 million to upgrade the property. The property was originally built in 1987, renovated in 2008 and includes 80 one-bedroom, one-bath apartments and 157 two-bedroom, two-bath apartments. Grosvenor has engaged Bozzuto Management to oversee day-to-day property management. The buyer plans to enhance energy and water efficiency at Grosvenor Tower as part of its $10 million value-add program.
OWINGS MILLS, MD. — Continental Realty Corp. (CRC) has sold Riverstone at Owings Mills, a 324-unit apartment community located at 4700 Riverstone Drive in Owings Mills. Carter Funds purchased the property for $92.9 million, which is approximately $31 million more than what CRC paid for the community in 2016. Christine Espenshade and Robert Garrish of Newmark represented the Baltimore-based seller in the transaction. Situated at the northwest part of Baltimore County adjacent to Owings Mills Town Center, Riverstone features a newly renovated fitness center, clubhouse, leasing office and pool deck. According to Apartments.com, the property features one- to three-bedroom units ranging in size from 692 to 1,419 square feet.
ODENTON, MD. — San Francisco-based Hamilton Zanze has purchased Echelon at Odenton Apartments, a 244-unit garden-style multifamily community located at 315 Nevada Ave. in Odenton, a suburb of Baltimore. Built in 2016, the apartment community was 97 percent occupied at the time of sale. The seller and sales price were not disclosed. Situated on 6.6 acres, Echelon at Odenton comprises two five-story residential buildings housing units ranging from 759 to 1,456 square feet, as well as a single-story clubhouse. Amenities include a theater, barbecue and grilling areas, clubhouse, TV lounge and bar, playground, game room, pool and covered bike storage.
ROCKVILLE, MD. — CBRE has negotiated the $25.5 million sale of Research Square, a two-building office complex located at 1500 and 1550 Research Blvd. in Rockville, a suburb of Washington, D.C. The seller is Westat, an employee-owned research company based in Rockville. Tommy Cleaver, Dan Grimes and Stuart Kenny of CBRE represented Westat in the transaction. The buyer was not disclosed. CBRE says that the properties, which were fully vacated at the time of sale, represent a “premier life sciences conversion opportunity” as the Washington-Baltimore Corridor ranked No. 2 in CBRE’s Life Sciences Research Talent 2022 report.
BALTIMORE — Klein Enterprises, an investment and development firm based in Baltimore, has purchased a portfolio of nine grocery-anchored shopping centers in the Mid-Atlantic. The portfolio spans 800,000 square feet of retail space and was 80 percent leased at the time of sale. Cedar Realty Trust sold the portfolio for an undisclosed price in conjunction with the broader asset acquisition of Cedar’s grocery-anchored portfolio by a joint venture between DRA Advisors and KPR. United Bank provided an undisclosed amount of debt financing for the acquisition. As part of the transaction, Klein is acquiring seven stabilized shopping centers and two centers actively under redevelopment: Valley Plaza in Hagerstown, Md., and Yorktowne Plaza in Cockeysville, Md. The other seven centers in the portfolio include: • The Shoppes Arts District located in Hyattsville, Md. • Oakland Mills located in Columbia, Md. • Elmhurst Square located in Portsmouth, Va. • General Booth Plaza located in Virginia Beach, Va. • Kempsville Crossing located in Virginia Beach, Va. • Oak Ridge Shopping Center located in Suffolk, Va. • Swede Square located in East Norriton, Pa.
BALTIMORE — Mag Mile Capital has arranged an $8.6 million acquisition loan for a 250-room Days Inn hotel located at 100 Hopkins Place in downtown Baltimore. The three-year, non-recourse, cash-out bridge loan was underwritten with an 8 percent interest rate with two-one year extension options. The borrower and direct lender were not disclosed. Situated near Baltimore’s Inner Harbor district and Oriole Park at Camden Yards, the Days Inn hotel features a 24-hour reception desk, bar and restaurant, business center, café, banquet facilities, fitness center, meeting room, onsite parking, a sundries market and an outdoor swimming pool.