MIDDLE RIVER, MD—New York City-based Kushner Cos. and Aion Partners have acquired a three-building apartment portfolio here for $37.9 million.
The partners purchased the properties that were developed in 1974 by the Posner family, according to the Baltimore Business Journal. The three buildings were among the last holdings of the seller, according to Transwestern broker Dean Sigmon, who represented the seller on the deal.
The buildings at 305 Retford Way, 1558 Alconbury Road, and 50 Hebron Drive were 92% occupied at the time of the sale. The properties were originally marketed separately, but drew interest from buyers as a portfolio.
"There's definitely an opportunity to not only improve the common areas, but also the kitchens and baths,” Sigmon said. He adds that because Kushner operates other apartment buildings in the area, "there were some economies of scale and they thought they could manage them a little more efficiently." See story in the Baltimore Business Journal.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
