AvalonBay Buys Maryland Apartment for $83M

LINTHICUM HEIGHTS, MD–AvalonBay Communities has acquired a 310-unit apartment here for $83 million. The luxury development, called the Alexan Concorde, was sold by a JV between Trammell Crow Residential and an affiliate of Western & Southern Financial Group, which was represented by its subsidiary Eagle Realty Group.

The HFF team representing the seller included Walter Coker and Brian Crivella.

“The sale of Alexan Concorde represents a prime example of the renewed interest by institutional REITs in high-quality suburban assets,” Crivella commented.

AvalonBay recently sold a 80% stake in five apartments in Manhattan for proceeds of $460 million. It retained a 20% interest in the properties and will serve as the property manager of the assets. The REIT plans to use the $460 million to invest in new markets including Denver and southeast Florida, according to a Costar report.

Alexan Concorde is located at 811 Concorde Circle less than a mile from the Baltimore-Washington Parkway (Highway 295) and next to Baltimore-Washington International (BWI) Airport. The property is situated on 11.4 acres in a quiet wooded neighborhood setting. Delivered in 2016, the Alexan Concorde’s five elevator-serviced buildings house a mix of studio, one-, two- and three-bedroom units averaging 973 square feet.