Blue Ocean Buys Washington, D.C.-Area Community
The River Front Apartments in Savage, Md., will undergo capital improvements by the new owner.
River Front Apartments. Image Courtesy of Blue Ocean
Blue Ocean has purchased The River Front Apartments, a 144-unit waterfront community in Savage, Md.
Blue Ocean was particularly focused on the location of the community, according to a prepared statement, which notes the acquisition was part of the company’s long-term strategy to create value-add opportunity within Class A locations.
While the firm talked of renovations, the community currently offer a swimming pool, onsite laundry, private balcony/patios, above standard ceiling heights and parking, according to Yardi Matrix. Floorplans are offered in one-, two- and three-bedrooms, ranging from 940 to 1,180 square feet.
The River Front Apartments community is near Downtown Columbia and provides residents with access to Washington D.C., Baltimore, Annapolis and Northern Virginia. The community is placed alongside the Little Patuxent River. It also offers proximity to the Historic Savage Mill Shops & Dining.
Dean Sigmon, Robin Williams, Justin Shay and Michael D’Amelio of Transwestern Mid-Atlantic Multifamily Group represented the seller.
