LAUREL, MD. — Brooklyn, N.Y.-based Hampshire Properties has purchased the 982-unit Laurel Square, a multifamily community located at 13301 Arden Way in Laurel, for $102 million. Bozzuto Group and Fannie Mae were the sellers.
The buyer plans to invest $10 million for amenity upgrades. The property, which was constructed in 1970, is 88 percent occupied. Bozzuto acquired the property in June 2006 for $86 million from RIMSI Corp.
Bill Roohan, Michael Muldowney, Michael Rudolph, Martha Hastings and Andrew Boyer of CBRE Group represented the sellers in the transaction.
“With a 5.9 percent cap rate, this distinctive property demonstrates soaring interest in one of the region’s growing epicenters,” says Roohan, vice chairman of CBRE Group. “The base realignment moves surrounding Fort Meade are creating an increasingly strong center for affordable housing in Laurel and other fast-growing communities of the Baltimore-Washington corridor.”
Hampshire Properties’ current holdings are valued in excess of $500 million.
Savannah Duncan