WASHINGTON, DC—Urban Investment Partners and Criterion Holdings have acquired two Maryland apartment communities totaling 385 units for $39.3 million. Also participating in the deal is New York City-based Starr Cos., which provided equity and is a partner in the new ownership group. The seller was a partnership between Boston-based Intercontinental Real Estate and Sawyer Realty Holdings.
The two properties are Laurel Pines and Country Club Apartments, both of which are in Baltimore area submarkets.
Laurel Pines, located at 14601 Bowie Rd., sold for $27 million. Most of its 235 garden apartments were built in 1962; 31 units were added in 2010. It is four miles from Fort George G. Meade. Country Club Apartments, which traded for $12.3 million, is located at 7491 East Furnace Branch Rd. in Glen Burnie. It is also a garden apartment community built in 1962, with 150 units.
Baltimore-based Criterion Holdings, LLC is the real estate holding company of James Riordan, formerly of Lubert-Adler Partners of Philadelphia. UIP started working with Riordan when he was with Lubert-Adler, and continued the relationship after Riordan left that company in 2012. This is the first transaction from that partnership.
UIP Property Management Inc. will manage the operations at both properties, while UIP Asset Management will make modest renovations. Jennie Hawkins, VP of Operations at UIP, oversaw both apartment communities at Sawyer before joining UIP in August.
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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.
