St. John Properties Enters BTR Market
The firm partnered with Somerset Cos. for this first acquisition.
St. John Properties has entered the BTR market. The firm partnered with Somerset Cos. to acquire The Villas at Patapsco Glen, a 111-unit build-to-rent property in Windsor Mill, Md., from Lennar Corp. The asset traded for $37.2 million, as reported by The Baltimore Business Journal.
Lennar completed the community last year. It encompasses three- and four-bedroom floorplans with a maximum size of 2,727 square feet. Homes have garages with either one or two cars, while common-area amenities include a clubhouse, a swimming pool and playgrounds, among other features.
Located at 1827 Hidden Dale Road, the property is about 13 miles northeast of downtown Baltimore. Interstate 70 and 695 run within approximately 2 miles of the property.
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St. John’s first foray into the BTR sector closed for $335,135 per home. Such Baltimore assets traded on average for more than $550,000 in 2024, according to Yardi Matrix data. No BTR deals involving units of 50 or more units closed in 2025.
BTR’s highs and lows
Somerset COO Neil Greenberg said in prepared remarks that Baltimore metro fundamentals—strong labor market and a lack of BTR product, as well as the high cost of owning a home—make this an ideal time for the Villas at Patapsco Glen buy.
Meanwhile, the SFR outlook hangs in the balance amid the current administration’s efforts to curb institutional investment across the sector, aiming to lower housing costs. However, according to a Yardi Matrix report, high SFR institutional investment led to lower rents and lower home sale prices across markets where this phenomenon occurred.
