Lowe Acquires 260-Unit MD Community
- May 12, 2016
Elkton, Md.—Lowe Enterprises Investors, in a joint venture with a foreign investment client, has acquired Stonegate Apartments, a 260-unit apartment community situated in 19.3 acres in Elkton, Md., from TA Associates.
Located at 4301 Stone Gate Boulevard on the Maryland/Delaware border, Stonegate Apartments offers easy connectivity to regional employment centers in Maryland and the Delaware metro area. Furthermore, it is just three miles from the University of Delaware and its new 272-acre Technology and Research Campus which, when completed, will be a major area employer.
“The property is well located adjacent to I95, which provides easy access to the employment corridors throughout the Northeast,” John Gaghan, Lowe Enterprises Investors’ senior vice president, told MHN. “The immediate submarket, anchored by the University of Delaware has a strong and diversified economy.”
Stonegate Apartments feature 26 two- and three-story buildings spread across the property creating a park-like setting with a small central lake. The community offers one- two- and three-bedroom residences, all with washer/dryers, decks and walk-in closets. Many units have been lightly renovated, with new cabinet fronts, flooring, lighting, white appliances and plumbing fixtures.
Among the amenities provided are a resort-style swimming pool and deck, business center, fitness center and tennis courts.
“LEI will invest approximately $2.4 million to upgrade and refresh the property. This includes unit renovations such as to the kitchens and bathrooms as well as common areas and the clubhouse,” Gaghan said. “Lowe has continued to target acquisitions that provide strong cash flow with additional returns that can be provided by completing property improvements.”
LEI is no stranger to the area. Its portfolio already includes the 228-unit Christina Mill apartment property in nearby Newark, Delaware.
Greystar has been retained to provide property management services. Hunt Mortgage secured debt for the transaction. JLL represented the seller.