JLL Closes Sale of Owings Park in Suburban Baltimore
- Feb 29, 2016
Baltimore—JLL has closed the sale of the multifamily property Owings Park, located in the Baltimore suburb of Owings Mills. The announcement was made by JLL’s Capital Markets experts on behalf of TIAA-CREF.
Friedkin Realty Group purchased the property for $34.13 million. The JLL team was led in the transaction by Managing Director Christine Espenshade, Executive Vice President Shawn McDonald and Senior Vice President Robert Garrish.
The 174-unit community is conveniently situated near job centers and transportation hubs.
Among common-area amenities are a resident clubhouse, swimming pool, picnic and barbecue area and fitness center.
A trio of major redevelopment projects will transform the Owings Mills submarket of Baltimore into a genuine live, work and play environment. Limited supply in the submarket means Owings Park offers strong value-add potential. Retail space totaling 1 million square feet and more than 120,000 square feet of educational space are among redevelopment projects planned for Owings Mills.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. In-depth local market and global investor knowledge if offered in sale, financing, repositioning, advisory and recapitalization executions.