BEL AIR, MD—Brooklyn, NY-based HampshireProperties has acquired the 732-unit Seasons atBel Air apartment property here for $80 million.

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Hampshire is expected to start renovating the apartments at thedevelopment at 955 Sablewood Road as they turn over and raiserents, according to CBRE vice chairmanBill Roohan. CBRE Capital Markets arranged thesale and financing for the transaction, according to the BaltimoreSun.

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The average rent at the Seasons at Bel Air complex, which hasmostly two bedroom units, is approximately $980, which is about thesame rent charged at the property I 2007, Roohan said. The Seasonsat Bel Air was 94% occupied at the time of the sale. The property,prior to the sale, had spent years in receivership.

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Hampshire Properties' Maryland portfolio also includesapartments in Rockville and Laurel. See story in theBaltimore Sun.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.