CHC Real Estate Buys Class A Property in Odenton, MD
Cafritz Interests and Clark Enterprises Inc. sold NOVUS Odenton, a 244-unit luxury community. The asset was acquired free of any debt.
By Tudor Scolca
Crow Holdings Capital Real Estate acquired NOVUS Odenton, a 244-unit Class A apartment community in central Odenton, Md. The sale closed on August 31st, after the property was marketed by HFF on behalf of the seller. The property was purchased free of any existing debt from a joint venture between Cafritz Interests and Clark Enterprises Inc. The Bethesda-based company is also involved in the development of a $100 million apartment community in Washington, D.C.
NOVUS Odenton is located at 315 Nevada Ave. and comprises one-, two- and three-bedroom units. It provides easy access to transportation, such as the MARC train station, Interstate 95 and the Baltimore-Washington Parkway. The Severn Run Natural Environment Area, with its fishing spots and hiking trails, is also in close proximity. The property is adjacent to Fort Meade, home to more than 55,000 employees and more than 11 million square feet of office space, with an additional one million square feet under construction.
Each of the apartments at NOVUS Odenton includes nine-foot ceilings, crown molding, arched doorways, Italian walnut-finish cabinets and granite countertops. Each unit has oversized soaking tubs, walk-in closets, washer and dryer. The common areas feature luxury amenities such as a Mondrian-style swimming pool, patios with cooking areas, a 5,000-square-foot health club, yoga room, a theater and media room, pet grooming salon, bike storage and repair.
The transaction was brokered by HFF’s Managing Director Walter Coker, Senior Director Brian Crivella and Senior Managing Director Steve Conley. “We are excited to have been involved with the disposition of NOVUS Odenton and believe the high caliber of the responses from the market are emblematic of the best-in-class nature of this asset”, Brian Crivella said in a prepared statement.