Berkshire Sells 1,088 Units in MD
- Feb 07, 2017
Laurel, Md.—GoldOller Real Estate Investments recently acquired The Seasons Apartments, a 1,088-unit community located in Laurel, from Berkshire Property Advisors. This transaction is the largest single apartment investment and the first asset in the D.C.–Baltimore area for GoldOller. Financial details of the transaction have not been disclosed.
Situated at 9220 Old Lantern Way on a 70-acre site, The Seasons Apartments encompasses more than 900,000 square feet of space in both garden-style apartments and townhomes, offering one-, two- and three-bedroom units. Community amenities include two swimming pools, tennis court, fitness facility, child playgrounds, grade-level parking, high ceilings, as well as a clubhouse that includes a coffee bar. The new owner plans enhancements to the property, including renovations to apartment interiors and other amenities. According to Jake Hollinger, COO & principal of GoldOller, residents will enjoy the company’s signature GO resident services, which includes sophisticated package handling, complimentary fitness programs, and customized lifestyle services.
The Seasons Apartments offers easy access to both Washington, D.C., and Baltimore through Interstate 95. The occupancy rate was 95 percent at the time of the transaction.
“It’s an exceptional property in a fabulous Harris County Maryland location that just keeps getting better,” said Richard Oller, GoldOller’s chairman, in a prepared statement. “We are also delighted that this exceptional investment opportunity continues to extend our national footprint in the Northeast corridor. As a Philadelphia-based company with most of our holdings in the Midwest and Southeast, it’s exciting to increase our presence closer to home.”
Image courtesy of Yardi Matrix