Continental Realty Buys Maryland Multifamily Property for $87M
By Nick Trombola November 25, 2024 12:38 pm
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Northern Virginia and Washington, D.C., aren’t the only sections of the DMV that have seen high-dollar multifamily sales lately, as the developer behind a 258-unit multifamily property in the Baltimore suburbs has sold for a cool $86.5 million.
Preston Partners traded Dartmoor Place at Oxford Square, at 7200 Alden Way in Hanover, Md., to Baltimore-based Continental Realty (CRC). CBRE (CBRE)’s Mike Muldowney represented Preston in the deal. The five-story property was built in 2019 and was 94 percent leased at the time of the deal.
The sale is the fourth completed via CRC’s Core Multifamily Fund, which it sponsors with fellow Baltimore firm Brown Advisory. The fund, which closed in 2022 after raising $146 million, has acquired three other buildings across North and South Carolina.
“We had our sights set on the Howard County area for an extended period, and given that our corporate headquarters is located 30 minutes from the site, we can immediately scale our asset and property management operations to the benefit of our entire 16-site statewide portfolio,” Ari Abramson, CRC’s vice president of acquisitions, said in a statement.
Despite the general malaise in the District’s commercial real estate market, there have been some residential deals topping well over nine figures in recent months.
In D.C. itself, Japan-based Sekisui House REIT earlier this month spent $279 million on a 350-unit, four-property chunk of the City Ridge mixed-use community, which used to be Fannie Mae’s headquarters. In Virginia, meanwhile, Abacus Capital Group paid $207 million in late September for the 631-unit Residences at Springfield Station in Springfield.
Maryland has seen some solid deals this year too, such as Olive Tree Management’s $73.5 million purchase of two properties in Columbia totaling 344 units from Mill Creek Residential in July.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
