TruAmerica-Ares JV Snags $236M Portfolio

Totaling 1,402 units, the six Greater Baltimore properties are located near major military, government and corporate employers.
Arbor View at Riverside and Liriope

Arbor View at Riverside and Liriope

BaltimoreAres Management and its investment partner TruAmerica Multifamily, both headquartered in California, recently purchased a set of six rental communities in suburban Baltimore in a transaction valued at $236 million or roughly $168,330 per unit. The seller was identified as UDR, a multifamily real estate investment trust.

Totaling 1,402 units, the properties are located near major military, government and corporate employers in this area. The portfolio consists of:

  • Dominion at Eden Brook (232 units), located at 7310 Eden Brook Dr. and Dominion Kings Place (170 units,) located at 7525 Murray Hill Road, both in Columbia;
  • Lakeside Mills (192 units), located at 100 Chase Mill Circle in Owings Mills;
  • Ellicott Grove (300 units,) located at 3035 Oak Green Circle in Ellicott City;
  • Arborview at Riverside and Liriope (372 units), located at 1300 Liriope Ct. in Belcamp
  • Dominion Constant Friendship (136 units), located at 499 Crisfield Drive in Abingdon.
Dominion Kings Place

Dominion Kings Place

“We have been looking to work with TruAmerica, an experienced partner, for a long time and are excited we found this opportunity to create significant value in an attractive portfolio of geographically-diverse Baltimore metropolitan-area assets,” said Steven Wolf, partner in Ares Management’s Real Estate Group. “This investment is representative of our U.S. equity value-add strategy, which focuses on areas with strong employment centers and unit-enhancement opportunities.”

About 50 percent of the units involved in the transaction will be renovated, getting new appliances, hard-surface flooring, new countertops and upgrades to the cabinets. Additionally, the new ownership plans some further investments in the upgrades across the portfolio in order to reposition the properties.

Images courtesy of Yardi Matrix