Continental Realty Pays $61.6M for Baltimore-Area Asset

The 324-unit Riverstone at Owings Mills sold for a little more than $190,000 per unit.
Riverstone at Owings Mills

Riverstone at Owings Mills

BaltimoreContinental Realty Corp. recently announced the acquisition of Riverstone at Owings Mills, a garden-style gated community in suburban Baltimore. The company bought the community from the CIM Group, the seller being represented by CBRE.

The 324-unit asset was acquired on behalf of Continental Realty Fund IV LP, a $164 million value-add fund focusing on retail and multifamily properties in the Mid-Atlantic and Southeast regions.

This marks the fund’s third residential acquisition, after the 346-unit Avana at Carolina Point in Greenville, S.C., and the 252-unit Polo Glen in Rockledge, Fla. The fund’s first two multifamily assets commanded $51.8 million and $38 million, respectively.

Constructed in 2002, Riverstone at Owings Mills is located at 4700 Riverstone Drive in Ownings Mills, Md., and comprises 122 one-, 152 two- and 50 three-bedroom units with floor plans ranging between 790 and 1,379 square feet. According to Yardi Matrix, the community’s average monthly rate is $1,591, year-to-date.

The community is being managed by the Bozzuto Group.

Image courtesy of Continental Realty Corp.