The first deal involved the acquisition of Yorktowne at Olde Mill Apartments in Millersville, a 216-unit property that cost $21.5 million. The Boston-based REIT took the apartment community off the hands of EQR-Yorktowne Vistas Inc. The second transaction involved Country Place I Apartments and Country Place II Apartments, which account for a total of 312 rental residences in Burtonsville.
Berkshire spent a respective $7.8 million and $5 million on the communities. Acquisition of the properties came as a result of the purchase from Capital Realty Investors-II LP of the outstanding interests in Blackburn Associates Limited Partnership and Second Blackburn Associates Limited Partnership, the owners of the apartment properties. "We believe that these properties advance the company's objective in a market Berkshire has deemed poised for growth," says Berkshire president and CFO David Quade.
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