MILLERSVILLE, MD—Boston-based Berkshire Income Realty has sold three apartment buildings in Maryland for a total of $90.3 million. The REIT made reference to the sales in its recent earnings call. Namely, it reported that since October it has sold three properties, Yorktowne located in Millersville and Country Place I and Country Place II, located in Burtonsville.
In addition, a source tells GlobeSt.com that Harpers Mill, another multifamily property Berkshire owned in Millersville, traded for approximately $25 million. The source said Quest Management acquired Harpers Mill, 144-unit garden apartment community built in 1987 and Yorketowne, a 240-unit midrise built in 1985, for a total of approximately $58 million.
Berkshire Income has made seven other sales this year, most of which were in Texas: Chisholm Place and Bear Creek, both located in Dallas, Texas; Laurel Woods located in Austin, Texas; and Berkshires on Brompton located in Houston, Texas.
It also sold Lakeridge and Bridgewater on the Lake located in Hampton, VA, and The Reserves at Arboretum Place located in Newport News, VA. The sales price for the seven properties totaled $161.2 million, with the REIT recognizing proceeds of $84.1 million.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
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.
