Watergate Village in Annapolis has been sold for $105 million.
Columbia Realty Venture LLC, an affiliate of Bernstein Management Corp., sold the property to Elie Rieder at Castle Lanterra Properties. CBRE Washington D.C. Multifamily Investment Properties team represented the seller and marketed the Class B site as a “value add” property.
“The difference in rental rates between Class A and Class B properties in specific submarkets continues to favor investors who take advantage of renovation and repositioning opportunities like Watergate Village,” Bill Roohan, CBRE vice chairman said in a news release.
According to CBRE, the area also provided more upside for the investment because in 2014 the estimated average income within a five-mile radius of Watergate Village was 64 percent higher than the national average.
The building has been partially renovated, and an additional 700 units were added to the waterfront site that sits on 31.1 acres. The complex, with a mix of mid-rise and garden style buildings, offers amenities, such as a fishing dock, 161 boat slips and free seasonal water taxi passes.