Maryland

Baltimore’s Resurgence as a City Supports Burgeoning Apartment Market

by John Nelson September 28, 2015

The transformation of downtown Baltimore into a contemporary world-class city began nearly two decades ago, but over the past few years it has irrefutably evolved into a true 24/7 city and a top-tier housing market that is nationally recognized by the investment community. An influx of commercial investment drove job growth, which inevitably boosted downtown Baltimore’s daytime population. But what is remarkable is how many of these individuals also decided to become city residents. The number of degree-holding young people living in downtown Baltimore increased by 92 percent between 2000 and 2010, exceeding the pace of 20-something magnet cities like New York and Boston. Whether it was the chicken or the egg, this new group of residents favored a rental urban lifestyle, and downtown Baltimore delivered nearly 4,700 new apartments between 2000 and 2010. Ambitious developers John Paterakis and Michael S. Beatty paved the way in the late 1990s with the development of Harbor East, which congregates upscale retailers, Class A office space and luxury rental apartments. Its immediate success filled a niche in the market and spurred growth in other communities around the Inner Harbor, including the Ritz-Carlton. As this wave of development continued throughout the 2000s, slowly but …

September 28, 2015

Maryland Multifamily Southeast

Federal Capital Acquires Apartment Community in Suburban Maryland for $19.5M

by John Nelson September 16, 2015

FORESTVILLE, MD. — Federal Capital Partners (FCP) has purchased the 200-unit Capital Courts Apartments on Walker Mill Road in Forestville for $19.5 million. Capital Courts comprises 25 four-story, garden-style apartment buildings with two-, three- and four-bedroom units and amenities including a pool and a playground. FCP plans to invest in capital improvements, including window replacements, renovation of the office/clubhouse and pool areas and additional new landscaping. Gates Hudson has been retained as property manager for Capital Courts. Christine Espenshade, Scott Melnick, Robert Garrish and Kylie Belcher of JLL represented the undisclosed seller in the transaction. Capital One provided acquisition financing.

September 16, 2015

Church Lane Shopping Center Cockeysville

Maryland Retail Southeast

Marcus & Millichap Arranges $19M Sale of Two Shopping Centers in Baltimore County

by John Nelson September 2, 2015

COCKEYSVILLE, MD. — Marcus & Millichap has brokered the $19 million sale of Church Lane Shopping Center and GJK Plaza, two shopping centers in Baltimore County’s Cockeysville suburb totaling 97,308 square feet. Built in 1981, the shopping centers are located at the corner of Church Lane and Cranbrook and York roads. The tenants include Party City, JoAnn Fabrics, Tuesday Morning, Sleepy’s and Meineke. Chris Burnham and Nathan Pealer of Marcus & Millichap represented the seller, a family partnership that had owned the centers for more than 35 years. Burnham and Pealer also procured the buyer, a private local investor.

September 2, 2015

Maryland Multifamily Southeast

Gables Residential Completes Luxury Apartment Community in Metro D.C.

by John Nelson August 28, 2015

ROCKVILLE, MD. — Atlanta-based Gables Residential has completed Gables Upper Rock, a four-building, 551-unit upscale apartment community in Rockville, a Maryland suburb of Washington, D.C. Located at 40 Upper Rock Circle near I-270, the apartment community is the residential component of Rockville’s Upper Rock District, a mixed-use development that includes office space and will eventually house retailers. Gables Upper Rock features two community swimming pools, a lounge, grilling stations, 20-foot outdoor movie screen, fitness center, club room with a bar, foosball and billiards, a cyber cafe, bocce ball court, Zen garden, private meeting room and an onsite dog park and dog grooming station.

August 28, 2015

Hospitality Maryland Southeast

Laurus Corp. Completes $5M Renovation of Sheraton College Park North Hotel in Metro D.C.

by John Nelson August 27, 2015

BELTSVILLE, MD. — Laurus Corp. has completed the repositioning of the 207-room, nine-story Sheraton College Park North Hotel. The hotel is located in Beltsville, a Maryland suburb roughly nine miles outside of downtown Washington, D.C. The $5 million renovation includes an overhaul of each hotel room with new furniture, upgraded bathrooms, new Wi-Fi connectivity, remodeled club lounge, updated fitness center, new signage, recent landscaping and a renovated outdoor swimming pool with a sundeck. The hotel is now pet-friendly and will accommodate dogs up to 40 pounds. In addition to the renovations, the hotel features a new restaurant and bar known as Asado Brasserie.

August 27, 2015

Healthcare Maryland Southeast

Avison Young Arranges $24.3M Sale of Maryland Medical Office Portfolio

by John Nelson August 25, 2015

FREDERICK, MD. — Avison Young has brokered the $24.3 million sale of a medical office portfolio in Frederick. Located at 194 and 45 Thomas Johnson Drive in Frederick’s Doctor Row area, the two Class A buildings total 82,348 square feet. The two fully leased buildings are roughly two-thirds occupied by affiliates of Frederick Memorial and John Hopkins Hospitals. Jim Kornick and Chip Ryan of Avison Young’s Washington, D.C., office represented the seller, Ausherman Development Corp., in the transaction. The buyer was CNL Healthcare Corp.

August 25, 2015

Hickory Hills East Apartments Great Mills

Loans Maryland Multifamily Southeast

Aztec Group Arranges $20.2M Loan for Apartment Community in Maryland

by John Nelson August 24, 2015

GREAT MILLS, MD. — Aztec Group Inc. has secured a $20.2 million loan for Hickory Hills East Apartments, a 231-unit apartment community located at 22501 Iverson Drive in Great Mills. Charles Penan and Howard Taft of Aztec Group arranged the 10-year loan through Rialto Mortgage Finance, a New York-based conduit lender, on behalf of the borrower, a joint venture between affiliates of BAF Associates and the Raleigh Cos. The loan was structured with five years of interest-only payments, a 30-year amortization schedule, 75 percent loan-to-value ratio and a fixed interest rate below 4.6 percent.

August 24, 2015

Maryland Multifamily Southeast

Peak Management Breaks Ground on Apartment Community in Maryland

by John Nelson August 20, 2015

BEL AIR, MD. — Peak Management, a private multifamily and self storage developer and manager, has broken ground on Avanti Luxury Apartments, a 198-unit multifamily property located along Tollgate Road in Bel Air. Unit sizes will range between 1,000 and 1,500 square feet upon completion, which is scheduled for summer 2016. Site work began in July. The property’s amenity package will include a 5,500-square-foot clubhouse with a fitness center, community room, business center and outdoor pool. Each unit will feature a modern kitchen with stainless steel appliances and granite countertops, nine-foot ceilings, a full-size washer and dryer, private balconies and gas fireplaces. As part of the development agreement that Peak Management negotiated with Harford County, the developer will also construct a stretch of Tollgate Road that will connect Plumtree Road to Bel Air South Parkway.

August 20, 2015

Industrial Maryland Southeast

First Potomac Realty Trust Sells Flex Portfolio in Maryland for $17.8M

by John Nelson August 20, 2015

COLUMBIA, MD. — First Potomac Realty Trust has sold Rumsey Center, a 135,047-square-foot flex portfolio in Columbia, for $17.8 million. The four-building portfolio is located within Oakland Ridge Industrial Park. Finmarc Management Inc. was the buyer. Mark Glagola, Julian Etches and Joe Friedman of Transwestern’s Mid-Atlantic investment sales group represented First Potomac Realty Trust in the transaction. New York-based Time Equities Inc. purchased the property, which will become part of its 20 million-square-foot portfolio in North America and Europe.

August 20, 2015

Maryland Mixed-Use Southeast

Lantian Development, 1788 Holdings Purchase 31-Acre Site in Maryland for $50M

by John Nelson August 13, 2015

ROCKVILLE, MD. — Lantian Development LLC and 1788 Holdings LLC have formed a joint venture to acquire a 31-acre site in Rockville from TA Associates for $50 million. The tract fronts Shady Grove Road between Choke Cherry and Gaither roads. The site currently contains seven separate two-story buildings totaling approximately 450,000 square feet of Class B office space. The joint venture intends to demolish two buildings and renovate the other five buildings in the portfolio to retain the existing tenant base and increase occupancy with new tenants. The partnership will also transform the asset into a mixed-use and multi-functional project that will eventually support 1.5 to 2 million square feet of commercial office, medical office, retail, hospitality and residential space. The joint venture intends to unveil the new branding of the project, as well as architectural renderings, by early 2016. 1788 Holdings and Lantian Development expect more than $500 million to be invested in the project during the next 10 years.

August 13, 2015

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