Baltimore-based broker Jim Gulley orchestrated the deal, representing both the buyer and the sellers. "The price per-unit may be the highest for that section of northern Anne Arundel County," Gulley tells GlobeSt.com. "But the yield was there to justify the price."
Consisting of 79 four-unit low-rise structures, and a shared clubhouse and common areas, the Regency Club compound was fully occupied at the time of the sale. Compound developer Suburban Homes had been ready to sell its half of the class B compound, the 196-unit Regency Club I, and decided to put it on the market. But the owners of the 120-unit Regency II, Grady Management affiliates, had no such plan until Gulley approached them with an offer. As for the buyer, MHP was "able to do due diligence in 10 days, with no financing contingency."
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