Newmark Knight Frank has closed the $75.6 million sale of The James, a 236-unit Class A multifamily community in Annapolis, Md.
Representing the seller—a joint venture involving JLB Partners and Crow Holdings—were Executive Managing Director Al Cissell and Senior managing Director Ryan Ogden. The buyer was Snell Properties.
Located at 251 Admiral Cochrane Drive, The James was constructed in 2016. Interiors feature granite countertops and elegant backsplashes, authentic hardwood floors, stainless steel Energy Star appliances, full-size washers and dryers, nine-foot-high ceilings and private balconies. Amenities include swimming pool with interactive water features, outdoor lounge with fireplace and TV, serving bar and TV gallery, relaxation gallery, fully-equipped fitness center, entertainment lounge, Wi-Fi café and business center with PCs and iMacs.
The deal represented a one-of-a-kind opportunity to acquire a best-in-class asset with an appealing in-place yield and substantial upside potential.
Also attractive was the fact that the property is situated in one of the region’s most well-insulated rental markets. Equidistant to major job hubs located within the Washington, D.C.-Baltimore corridor, The James offered a hard-to-resist opportunity to purchase a recently-built, best-in-class asset with sizable potential to the upside.
“The James’ elaborate entertainment lounge, resort-style pool, top-tier wellness center and numerous other excellent amenities clearly distinguish it in the Annapolis area,” Ogden said. “The combination of high-end design and unparalleled amenities will continue to command market leading rents for the foreseeable future.”
Image courtesy of Newmark Knight Frank