CRC Sells Baltimore-Area Community for $93M
The asset last traded in 2016, for $61.6 million.
Carter Funds has acquired Riverstone at Owings Mills, a 324-unit community in Owings Mills, Md., for $92.9 million from Continental Realty Corporation. The property last traded in 2016, when CRC paid $61.6 million to Fairfield Residential, Yardi Matrix data shows. Christine Espenshade and Robert Garrish of Newmark represented the seller in the latest transaction.
JM Schapiro, CEO of Continental Realty Corporation, stated in prepared remarks that the company’s Fund IV investment in Riverstone and its subsequent value of the property was influenced by a combination of asset-level improvements and submarket advancement. CRC also acquired another property in the region, a 189-unit community in Alexandria, Va., for $50.1 million. The company owns 18 properties in the Baltimore market, according to Yardi Matrix data.
CRC manages a portfolio of approximately 9,000 apartment homes across 10 states, valued at more than $3.2 billion. Recently, the company, in partnership with Brown Advisory, closed a $146 million private equity fund for the acquisition of Class A multifamily assets in the Southeast region.
A community in a growing submarket
During its ownership, CRC made extensive renovations to the property, targeting both unit interiors and common areas.
Built in 2003, Riverstone at Owings Mills is located on 17.2 acres and encompasses 23 buildings, with three- and four-story buildings including one-, two- and three-bedroom apartments, averaging 1,702 square feet. All units feature washers and dryers and private balconies or patios. Common-area amenities include a swimming pool, spa, fitness center, clubhouse and business center.
Located at 4700 Riverstone Drive, the property is 20 miles from downtown Baltimore and is close to Interstate 795, connecting it to other major thoroughfares and employment centers. The community is close to several medical centers, parks and golf courses. Dining and retails options are available nearby, notably Mill Station, an open-air shopping venue, and Metro Centre, both located less than 1 mile away. Both destinations are part of a wider development spree in Owings Mills, which has seen hightened construction and renovation activity in recent years.