NYC-Based Firm Purchases Maryland Multifamily Portfolio for $500M
New York City-based Star Real Estate Ventures has purchased five multifamily apartment communities with a combined 2,566 units in Maryland for approximately $500 million, according to a press release from the real estate investment firm. The deal closed on May 30.
The properties include 8096 Crainmont Drive in Glen Burnie, 3182 Normandy Woods Drive in Ellicott City, 106 Pleasant Ridge Drive in Owings Mills, 10701 Cardington Way in Cockeysville and 18101 Marksman Circle in Onley.
“The acquisition of this portfolio is consistent with Star’s strategy of owning and operating institutional grade assets in which Star is able to implement its operational expertise to add value both to our tenants and investors,” Issac Hera, Star Real Estate Ventures’ CEO, said in a prepared statement. The firm is “actively looking” for additional opportunities to expand its portfolio, Hera added.
The firm received five loans totaling $320 million from Fannie Mae as well as equity from Related Fund Management for the transaction, according to the release. David Webb, Maxi Leachman, Brynn Wendel and Robert LaChapelle represented Star Real Estate Ventures in its financing negotiations.
The firm secured the Fannie Mae funding through its Green Rewards program, Webb said in a prepared statement. “The related investment worked very smoothly with the Fannie Mae structure,” he noted.
Bill Roohan, Michael Muldowney, Robert Dean and Malcolm McComb of CBRE represented the seller, who was not disclosed in the release. The former owner appears to be Rochester, NY-based Home Properties, according to one of the complex’s website.