BALTIMORE, MD-Locally-based Blue Ocean Realty LLC has clocked in with its latest acquisition: it has bought Millbrook Park Apartments in the Pikesville submarket, a 73-building complex consisting of 720 units. The company declined to provide the price, but a source says it traded for $46 million or approximately $63,889 per unit. Blue Ocean Realty did note in its press announcement that state tax records show the property is assessed at $11.6 million.
The property had been owned by Millbrook Associates of Beachwood, Ohio.
Blue Ocean Realty has made a number of acquisitions in recent months across a wide swath of asset classes. It has acquired the 28-story downtown office tower at 201 N. Charles St. for $19.7 million; it bought the Seoul Plaza at Security Square Mall and 8211 Town Center Drive in White Marsh for a combined $6.3 million; it purchased the 105,000-square-foot former Ray's Envelope Corp. warehouse in Baltimore County. All of these deals occurred in the second half of 2013.
The driver behind the Millbrook Park Apartments' sale, according to Blue Ocean President Jonathan Ehrenfeld, was its close proximity to the company's other multifamily holdings.
"With 13 other Blue Ocean communities within walking distance, Millbrook Park made a lot of sense for us," Ehrenfeld says in a prepared statement.
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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.
