CBRE Arranges Sale of 634-Unit Community in Md.
- May 27, 2010
Elkridge, Md.—CB Richard Ellis recently arranged the sale of Sherwood Crossing, a 634-unit rental apartment community at 6731 Old Waterloo Road, in Elkridge, MD, 30 minutes from Washington, D.C. and 15 minutes from Baltimore.
Chicago-based Levin Realty Advisors LLC purchased the property from RREEF. The purchase price was not disclosed.
The CB Richard Ellis Washington D.C. Multi-Housing Investment Properties Group of William Roohan, Michael Muldowney, Andrew Boyer, Michael Rudolph, Brian Margerum and other team members brokered the transaction.
“Sherwood Crossing’s location in the heart of the Baltimore-Washington Corridor made it a particularly attractive investment opportunity. It is convenient to both Washington, DC and Baltimore and the US Army base at Fort Meade, which is expected to add 25,000 new jobs by 2012 as a result of the Pentagon’s Base Realignment and Closure (BRAC) Commission,” says Bill Roohan, vice chairman.
Built in 1988, Sherwood Crossing is 95 percent leased, and more than half of the units have been completely renovated. The asset offers amenities including a swimming pool, fitness center, tennis courts and club house. Units feature private patios or balconies, full kitchens, individual washer/dryer and fireplaces in select units.