Two Howard County Apartment Communities Sold for $68M
By Adrian Maties, Associate Editor
Two apartment communities in Howard County have recently changed hands, with an aggregate sales price of about $68 million. Together, Elkridge’s Belmont Station and Laurel’s Ashbury Court Apartments offer 348 units.
Los Angeles-based JRK Investors, Inc. paid $44.1 million for Belmont Station, a Class A garden apartment community located at 6900 Tasker Falls in Elkridge. The property was constructed in 2008 and offers 208 units. Amenities include a 6,500-square-foot clubhouse, pool, and fitness center. Belmont Station is located close to Fort Meade, the BWI Airport, with easy access to both Washington, D.C. and Baltimore. Bethesda-based First Capital Realty, the brokerage firm which handled the deal, says on its website that, since 2010, the property has had an average occupancy of 97 percent.
First Capital Realty’s Jeff Fabrikant represented the seller, while Jeff Coles, also of First Capital Realty, represented JRK Investors. The Los Angeles-based investment group plans to renovate the common areas and upgrade the apartments, to make the property more competitive. Belmont Station isn’t JRK’s first acquisition in the Greater Baltimore area. The firm purchased Columbia’s Avalon at Cedar Place apartments this October. JRK paid $26 million for the 156-unit property.
The Baltimore Business Journal recently reported that Bethesda-based Goldstar Group has paid $23.6 million for the Ashbury Court Apartments. The property is located at 10095 Washington Boulevard North, in the Howard County section of Laurel. It offers 140 high-end units as well as 32,000 square feet of first-floor retail.
MAC Realty Advisors was the exclusive agent and represented the seller, Patriot Realty. The deal also includes an option to build a second phase of residential.
According to a Transwestern Q3 2013 Apartment Market Report for the Washington/Baltimore area, vacancy in Baltimore’s southern submarkets has dropped from 4.9% last year to 4.5%, while in the northern submarkets it went up to 5.3% from 4.3% in 2012. Average effective rents in the area have reached $1,607, a slight 1.5% increase since last year.Photo credits: MAC Realty Advisors Charts courtesy of Transwestern