Cadre Sells Towson’s Versailles Apartments in $63M Deal

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Livingston Street Capital has acquired the Versailles Apartments, a 210-unit apartment community in Towson, Md., for $62.8 million, Commercial Observer has learned.

Cadre, a tech-driven real estate platform, sold the property, achieving 20.7 percent net internal rate of return (IRR), according to the company. Cadre partnered with Ross Companies and GMF Capital to acquire the Versailles Apartments in 2017. 

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Upon acquisition, the joint venture upgraded the apartments in a light value-add renovation program. The sale comes three years ahead of its initial target.

Located at 111 Versailles Circle, the apartment complex features one-, two- and three-bedroom units ranging from 1,016 to 1,544 square feet. The property is close to the Towson Town Center, Lake Roland Park and the Maryland State Fairgrounds.

Cadre also recently sold Hudson Ridge, a 434-unit apartment community in Atlanta, for $143.5 million, which achieved 29.2 percent net IRR, according to the company. Cadre was among a joint venture that acquired the property in 2016 and executed a full renovation. 

“Our most recent property sales demonstrate Cadre’s ability to respond to market trends and deliver value for our investors, a feat we are especially proud of in light of increased volatility in the investing market,” Ryan Williams, Cadre’s founder, said in a prepared statement. “We are excited about the opportunities ahead of us, and remain highly focused on continuing to level the investing playing field for individual investors and institutions alike.”

Keith Loria can be reached at Kloria@commercialobserver.com.