AvalonBay Buys $83M Luxury Asset in Suburban Baltimore
- Oct 16, 2018
AvalonBay Communities has acquired a 310-unit luxury property in Linthicum Heights, Md. Formerly known as Alexan Concorde, the community traded for $83 million. A joint venture of Trammell Crow Residential and an affiliate of Western & Southern Financial Group sold the asset.
Avalon Arundel Crossing is located at 811 Concorde Circle. Built in 2016, the community comprises 12 studios, 136 one-bedroom, 144 two-bedroom and 18 three-bedroom units, ranging from 587 to 1,464 square feet. Avalon Arundel Crossing’s five buildings sit on approximately 11.4 acres in an enclosed, landscaped area. The LEED-certified community offers common-area amenities such as a clubhouse, a swimming pool, grilling stations, a ping pong area, a business center, a fitness center and 488 parking spaces, among others. In-unit features include granite countertops, chef islands, hardwood flooring, designer lighting fixtures, walk-in closets and private balconies and patios.
The area surrounding Avalon Arundel Crossing offers easy access to several shopping and dining destinations, a variety of hotels, as well as immediate access to interstates 195 and 695, and public transportation. The community is adjacent to the Baltimore/Washington International Thurgood Marshall Airport. According to HFF, the property is near more than 36.5 million square feet of office space. Additionally, several other employment hubs are accessible to residents. Downtown Baltimore is 8 miles away.
HFF brokered the transaction on behalf of the seller and procured the buyer. Recently, HFF brokered the $135 million transaction of a Denver luxury community, also developed by Trammell Crow Residential.
Image courtesy of HFF