TOWSON, MD-New Boston Fund is selling a 264-unit multifamily in the Baltimore suburb to United Dominion Realty for an undisclosed price. Phillip Bakalchuk, SVP of acquisitions for the Boston-based seller, tells that it acquired Dulaney Crescent Apartments in 2004 and has since realized a 28% to 29% annual internal rate of return.

The primary reason New Boston Fund is selling the property, he adds, is that an “unfavorable” loan that transferred with the property, when it was acquired in 2004, had come up for prepayment. That, coupled with the emergence of new supply in the neighborhood and submarket, prompted New Boston to put it on the market. “It was the timing of the loan that really drove the property sales strategy,” Bakalchuk says. “Otherwise we would have held onto it for longer, as it was doing very well for us. It was one of our better acquisitions.”

A class A, four-story single building with a six-story 454-car garage, Dulaney Crescent Apartments is home to mainly ‘move-down buyers’– that is, adults who have sold their homes to move back into low-maintenance apartments. This group could afford the increases in rent New Boston put in place after it acquired the building, Bakalchuk says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.