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Jul. 19, 2013

252-Unit Apartment Community Sells in Greater Baltimore

By Adrian Maties, Associate Editor

The Haven at Odenton Gateway, a Class A, garden-style multi-housing community located in Odenton, Maryland, was purchased last week by AEW Capital Management, LP. Holliday Fenoglio Fowler (HFF) marketed the property and represented the seller, Johnson Development Associates, Inc., an industrial and multifamily real estate development company based in South Carolina.

The apartment community at 615 Carlton Otto Lane was completed in 2012 and includes 252 one-, two- and three-bedroom units. Units average 1,031 square feet each and feature designer kitchens, elegant crown molding, private screened-in balconies and patios, full washers and dryers, and king-size bedrooms with walk-in closets. Community amenities include a resort-style pool, a fitness center, a business center, private theater room, conference room and clubhouse.

One of the property’s strong points is its location between Washington DC, Baltimore, and Annapolis. It provides easy access to major commuter arteries in the Baltimore Washington Corridor and is just a few minutes from Fort Meade. The Haven at Odenton Gateway is also the first NAHB Research Center Green Certified community in Maryland to achieve the Silver Standard.

The financial details of the transaction were not released. Senior managing directors David Nachison and Alan Davis and director Brenden Flood of HFF represented the seller. AEW Capital Management purchased the Haven at Odenton Gateway free and clear of existing debt on the property.

“The recent large-scale relocation effort by the Department of Defense to Fort Meade, which is less than a 10 minute drive from the property, will only help to further ensure the long-term success of this well-located, luxury community solidifying the strength of this investment,” said Alan Davis in a press statement.

Phot credits: The Haven at Odenton Gateway

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