Sage Management LLC has acquired two communities in the Washington, D.C., and Baltimore metros, totaling 687 units. The company paid $63.2 million to Carmel Partners for Midtown at Camp Springs, according to Yardi Matrix, while Wishrock sold Falcon Crest Apartments for $50 million. Both transactions were subject to Freddie Mac loans. CBRE Capital Markets originated a $47.4 million financing package for Midtown at Camp Springs and Capital One enabled the $40 million loan for Falcon Crest.
The 291-unit Midtown at Camp Springs is located at 4400 Telfair Blvd. in Camp Springs, Md. The community comprises studio, one-, two- and three-bedroom units, ranging from 514 to 1,441 square feet. The six-building property includes 1,400 square feet of retail space, currently vacant. Falcon Crest Apartments is situated at 25 Pittston Circle in Owings Mills, Md., and totals 396 units. The 1968-constructed community consists of one-, two- and three-bedroom units averaging 890 square feet in size.
Both assets are owner-managed, with Sage already implementing renovations and repurposing of amenities at the residents’ request, at both properties. The new ownership implemented recycling services at Midtown at Camp Springs and re-purposed a basketball court into a dog park. At Falcon Crest Apartments, Sage rolled out an extensive in-unit renovation program and plans to upgrade the amenity package.
Sage Management currently owns more than 2,000 units in the Baltimore and Washington, D.C., metros. Although the market presents high barriers to homeownership, metro D.C.’s multifamily demand is rising, in part due to constant availability of high-paying jobs, as well as a continued supply surge. Employment growth in the area is strongest in education and health services.
Photo courtesy of Yardi Matrix