Annapolis Apartment Community Sells for $105M
- Mar 11, 2015
A large, Class B multifamily property in Greater Baltimore changed hands last month. Columbia Realty Venture, LLC, an affiliate of Bernstein Management Corporation, sold the Watergate Village apartment community to Elie Rieder, CEO of Castle Lanterra Properties, for $105 million.
Watergate Village is located at 655 Americana Drive in Annapolis. It occupies a 31.1-acre site, on a part of a peninsula on Back Creek. The apartment community consists of a mix of both mid-rise and traditional garden-style buildings, with 608 one-, two- and three-bedroom units and numerous amenities, including a resident’s Yacht Club, Olympic-size pool, fitness center, business center, 161 boat slips, a community center and tennis and basketball courts.
CBRE’s Washington D.C. Multifamily Investment Properties team represented the seller in the transaction. According to CBRE, the waterfront property was partially renovated at the time of the sale. The commercial real estate services and investment firm also said the site has a development capacity of nearly 700 more units.
In its National Apartment Research Report for 2015, Marcus & Millichap said that low interest rates will motivate investors to make acquisitions in the Baltimore metro area this year, expanding the buyer pool and creating competition for properties. The market is expected to see a decrease in vacancy in 2015, to 4.2 percent, with rents increasing by 3.3 percent to $1,258 per month.
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