UIP, Criterion Buy Two Apartment Communities Near Fort George G. Meade for $39.3M
- Nov 21, 2014
Urban Investment Partners and Criterion Holdings recently acquired two apartment communities located near Fort George G. Meade for a total of $39,340,000. Together, the two Baltimore/Washington Corridor properties have 385 units.
Country Club Apartments is located in Glen Burnie, at 7491 East Furnace Branch Road. The garden apartment community was constructed in 1962 and offers 150 homes. It traded for $12,340,000.
Laurel Pines is located at 14601 Bowie Road. It was also constructed in 1962. The apartment community features 235 apartments, 31 of which were added in 2010. Laurel Pines was acquired for $27 million.
Both communities are located close to Fort George G. Meade. With some 57,000 employees, it is Maryland’s largest employer. Thanks to the growth of Federal cyber-security programs, Fort George G. Meade is expected to hire 20,000 more people in the future. The Baltimore-Washington Thurgood Marshall International Airport is also located nearby, with its almost 10,000 employees.
Urban Investment Partners and Criterion Holdings purchased the two apartment communities from a partnership between Boston-based Intercontinental Real Estate and Sawyer Realty Holdings. CBRE’s Mid-Atlantic Multifamily Investment Sales Team represented the seller in the transaction. An affiliate of New York City-based Starr Companies provided equity and is a partner in the new ownership group.
The new owners said they will start work on minor improvements at both locations. UIP Asset Management will oversee the projects. UIP Property Management Inc. will manage the day-to-day operations at Laurel Pines and Country Club Apartments.
Photos courtesy of Urban Investment Partners