A Baltimore-based real estate management company has purchased two multifamily developments in White Marsh for a total of $58.25 million.
Continental Realty Corp. announced Wednesday it acquired the 204-unit Lincoln Woods apartment development for $29.125 million and the 192-unit Quail Ridge apartment complex, also for $29.125 million.
“Baltimore County, and the White Marsh sub-market in particular, continues to exhibit strong growth in the retail and commercial office sectors and features healthy economic fundamentals across the board,” Gene Parker, president of Continental Realty Corporation said in a news release. “New residential communities have leased extremely quickly and we are tracking several new developments that will increase retail and office densities in the immediate area.”
Both of the apartment complexes are located about a mile from White Marsh’s booming business district. The area already includes the White Marsh Mall and the Avenue at White Marsh. Paragon Outlets has also proposed building a 350,000-square-foot outlet mall nearby and St. John Properties is also building its Baltimore Crossroads, which is planned to bring 65,000 square feet of retail to the area.
Lincoln Woods was built in 1986 and consists of 11 three-story apartment buildings. The complex includes an outdoor pool, dog park and a clubhouse. Built in 1987, Quail Ridge has eight three-story apartment buildings, an outdoor pool and a playground.
News of the purchases follows some positive numbers in the second quarter for apartment properties. Delta Associates’ second-quarter report on the Baltimore area showed the area having some of the strongest return on investment in the country.
According to the report, Baltimore had a 12-month total return of 9.61 percent on investment grade apartments. That return was higher than in the Austin, Philadelphia and Chicago metro areas. Overall vacancy rates fell in the Baltimore metro area from 10.9 percent in June 2013 to 7.5 percent in June 2014.
Continental Realty Corp. is no stranger to making large investments in multifamily housing. In 2012, the company purchased a 236-unit apartment building in Sterling, Virginia, for $42.5 million.