ODENTON, MD—Goldstar Group, which has made a handful of interesting acquisitions in the area over the last several months, has now made yet one more.
The company has acquired the 300-unit Shelter Cove Apartments here for $43 million. The transaction was capitalized with private equity via Clifford Mendelson of Metropolis Capital Finance and Freddie Mac debt, arranged by Adam Randall of Berkeley Point Capital. Robin Williams and Dean Sigmon of Transwestern brokered the transaction on behalf of the seller.
The property is located at 537 Tranquil Court, approximately three miles from the entrance of Ft. Meade. Part of Goldstar Group's plans for its new acquisition include the continued interior renovation of approximately 200 units over the next three years.
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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.
