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CREC completes sale of 325-unit multifamily community in Columbia

CREC Real Estate LLC announced Thursday the sale of Columbia Pointe Apartments, a 325-unit multifamily community in Columbia.

The deal was signed Oct. 31. Terms of the transaction were not disclosed.

The Columbus, Ohio-based private equity real estate investment firm executed an extensive renovation program at Columbia Pointe, including a reconfiguration of the leasing center, modern upgrades to the 24-hour fitness center and pool area, installation of a fire suppression system and window replacements. Additionally, apartment units received new washers and dryers and other premium renovations to capitalize on Columbia’s strong multifamily rental market.

Located at 5764 Stevens Forest Road, approximately 20 miles southwest of Baltimore, Columbia Pointe was built in 1972 on an 18-acre plot, featuring one, two and three-bedroom floor plans. The apartment community includes a residential tower and 14 garden-style buildings. Nearby shopping, dining and entertainment make this a highly convenient location. At the time of the sale, occupancy was at 95%.