Jones Lang LaSalle Closes Multifamily Portfolio Sale Near Baltimore
- Jan 27, 2014
Windsor Mill, Md.—Jones Lang LaSalle’s Capital Markets team has closed the sale of a three-property suburban Baltimore portfolio on behalf of a nationally recognized REIT. The properties are located in Windsor Mill just outside of the Baltimore Beltway. Morgan Properties picked up the 500-unit portfolio.
The limited multifamily inventory in recent months has pushed rental rates higher in the Windsor Mill submarket as renters look for rental housing near major employers in the area.
“Rent rates are up 4.5 percent in the Windsor Mill submarket, along with limited new supply,” says JLL senior vice president, Christine Espenshade, who, along with managing directors Al Cissel and Scott Melnick and vice president Robert Garrish, executed the transaction. “The properties are 97 percent or higher occupied and Morgan Properties can look forward to continued strong performance from this portfolio.”
The portfolio’s properties include the 172-unit, mid-rise community, Cedar Tower Properties; the 228-unit, garden-style community Cedar Garden Property; and the 100-unit Valley Terrace, which comprises both apartments and townhomes.
The amenities listed for the three communities include balconies, breakfast bars, spacious living areas, walk-in closets and community pools.
“The properties are located near top employers and with continued job growth in the area, demand for apartments will increase,” adds Cissel.