PIKESVILLE, MD—An affiliate of Norfolk, VA-based Harbor Group International has acquired the 131-unit Annen Woods apartment community here for an undisclosed price. The company plans to invest $1.05 million to upgrade unit interiors and make other improvements.
HGI's strategy for the value-add property is to improve what is a class B asset "and position it as an alternative to the area's class A competitors," says president T. Richard Litton, Jr., in a prepared statement.
The property is currently 94% occupied.
HGI has a large multifamily footprint in the Baltimore-Suburban MD Metro area. The company has invested in 12 multifamily acquisitions in this area over its history, including seven in Baltimore County. It currently owns over 4,800 units here.
Like in many markets, the apartment asset class is very popular now in the Baltimore area. Recent or pending trades include Goldstar Group's acquisition of 300-unit Shelter Cove Apartments in Odenton for $43 million, the pending sale of Timothy House & Gardens in Annapolis and the 266-unit trade of Memorial Apartments in Baltimore in April for approximately $15 million.
The big news in the market, however, was Morgan Properties' acquisition this month of a 2,700-unit multifamily portfolio in Maryland and Virginia for $309 million. The company partnered with the Saudi Arabia-based Olayan Group in the transaction.
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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.
