Two apartment communities in Anne Arundel County are now on the market. Together, they offer over 450 units. Transwestern’s Bethesda, Md.-based Mid-Atlantic Multifamily Group has been named exclusive agent for the sale of both properties.
Shelter Cove is the largest of the two properties, with 300 one-, two-, and three-bedroom units. Community amenities include assigned parking, swimming pool, playground, 24-hour fitness center, clubhouse and more. Another important feature is the community’s location, at 537 Tranquil Court, in Odenton. Positioned right in the heart of the Baltimore-Washington, D.C. Corridor, Shelter Cove offers easy access to some of the largest employment drivers in the region: the Arundel Mills Mall, Maryland Live! Casino, the BWI Airport, and Fort Meade, the largest employer in the State of Maryland with more than 56,000 workers and home to the National Security Agency and the US Cyber Command.
Shelter Cove was constructed in 1974 and was renovated in 2013. According to Transwestern, as of December 2013, 96-units have been or are in the process of being renovated, with an additional four units scheduled to be renovated this month. These units are being awarded a premium of $200 to $250 per month which provides investors the opportunity to complete the remaining units and increase rental revenue by approximately $500,000 per year.
The average rent at Shelter Cove is $1,338 per month. According to the 2013 Third Quarter Apartment Report, published by Transwestern’s research affiliate, Delta Associates, the average effective rent in Northern Anne Arundel County is $1,638 per month. Vacancy is at 2.7 percent.
Forest Hills, the second property, is located at 4 Bricin Court, just minutes from downtown Annapolis. The apartment community was constructed in 1965 and renovated in 2008. It consists of 153 one- ,two- , and three-bedroom units. Community amenities include a swimming pool with sundeck, picnic area, beautifully landscaped grounds and more. The property enjoys an excellent location, along the Forest Drive Corridor, and is close to the two largest employers in Annapolis, the U.S. Naval Academy and the Maryland State House.
Transwestern reports that, as of December 16, 2013, Forest Hills was 97.4 percent occupied, with an average rent of $1,363 per month. In Annapolis, the average rent is approximately $1,800 per month.
Photo credits: Transwestern