The primary reason New Boston Fund is selling the property, headds, is that an "unfavorable" loan that transferred with theproperty, when it was acquired in 2004, had come up for prepayment.That, coupled with the emergence of new supply in the neighborhoodand submarket, prompted New Boston to put it on the market. "It wasthe timing of the loan that really drove the property salesstrategy," Bakalchuk says. "Otherwise we would have held onto itfor longer, as it was doing very well for us. It was one of ourbetter acquisitions."

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A class A, four-story single building with a six-story 454-cargarage, Dulaney Crescent Apartments is home to mainly 'move-downbuyers'-- that is, adults who have sold their homes to move backinto low-maintenance apartments. This group could afford theincreases in rent New Boston put in place after it acquired thebuilding, Bakalchuk says.

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"We had a demographic that was able to afford the rent increaseswithout too much of a stretch so there was little turnover."Occupancy is currently 98%; throughout New Boston's ownership itnever dropped below 95%, he says. When it took over, New Bostonraised the rents to approximately $1,400 from roughly $1,250.

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Built in 2003, Dulaney Crescent is located at 20 Lambourne Rd.,eight miles north of Baltimore. The regional Towson Town CenterMall is across the street; Goucher College and Towson Universityare also very close. CB Richard Ellis' William Roohan and MichaelMuldowney brokered the sale.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.