Baltimore-Area Community Changes Hands for $28M
- Nov 29, 2019
Klein Enterprises has sold The Townes at Mill Run Apartments, a 108-unit townhome community in suburban Baltimore, for approximately $28 million. JLL brokered the deal on behalf of the seller.
Located on nearly 12 acres at 629 Wilbur Square in Owings Mills, Md., the nine-building community is a short distance from Interstate 795 and 15 miles northwest of downtown Baltimore. A public bus route within half a mile connects the property to the Owings Mill subway station and Kimco Realty’s recently opened, 620,000-square-foot Mill Station shopping center.
Klein Enterprises developed The Townes at Mill Run in 2014, financing construction with a $22 million loan from Western & Southern Financial Group. The property has two- and three-bedroom units, each with an attached garage. Common-area amenities include a fitness center, clubhouse and playground. According to Yardi Matrix, the property was 94.4 percent occupied as of October.
Baltimore’s multifamily market has made gains in the past 12 months, with rents increasing 2.8 percent year-over-year through July. Absorption remains healthy, buoyed by steady population growth and employment gains in high-wage sectors.