CAPREIT Sells Affordable Active-Adult Asset in Metro DC
- Feb 07, 2019
CAPREIT has sold Creekside at Taskers Chance, a 120-unit affordable, age-restricted community in Frederick, Md., to The BurnBrae Cos. for $11.8 million, according to public records. Greystone provided the buyer with a 15-year, $8.8 million Freddie Mac acquisition mortgage.
The new owner selected ROSS Cos. to manage the asset and oversee planned renovations to the community and its amenities. Prior to the sale, CAPREIT had managed the property, according to Yardi Matrix.
Located at 100 Burgess Hill Way, the community’s two buildings are roughly 50 miles west of Baltimore and north of Washington, D.C. Nearby public transportation links the asset to both metro areas. The property is within a 10-minute walk of the U.S. Highway 40 retail corridor, home to a wide variety of shopping and dining options.
Creekside at Taskers Chance contains a mix of one- and two-bedroom units, with floorplans ranging from 566 to 806 square feet. Amenities include six laundry facilities, a fitness center and a clubhouse. Approximately 260 parking spaces are located on-site, with covered parking available for an additional fee.
CAPREIT, an active player in the region, opened a luxury community in Baltimore early last year. The 103-unit asset is located in the heart of the city, across the street from Penn Station.
Image courtesy of Yardi Matrix