Sage Management Acquires Apartment Community in Suburban Maryland for $119M

LAUREL, MD. — Sage Management has acquired the 484-unit Modera Westside Apartments in Laurel, according to CBRE, which arranged the sale. Dallas-based developer Mill Creek Residential sold the property for $119 million, or $245,868 per unit. Modera Westside is situated 20 miles northeast of downtown Washington, D.C., and 20 miles southwest of downtown Baltimore. The asset offers one-, two- and three-bedroom floor plans, as well as a clubhouse with a coffee bar, business lounge, swimming pool, game room, fireside lounge, pet spa, jogging trail and barbecue grills.