ANNAPOLIS, MD-Stellar Advisors has acquired Regatta Bay Apartments for $49 million. The new owner plans to redevelop the site into a condominium property.
With the assistance of Transwestern Commercial Services' Institutional Multifamily Group, Donatelli & Klein sold the 245-unit luxury rental complex. Regatta Bay is close to the Westfield Shoppingtown Annapolis Mall and is a half-hour drive in either direction from Washington DC and Baltimore.
Due to the strong demand for product in Annapolis and Regatta Bay's location, Stellar Advisors will do well converting it to condominiums, says Transwestern IMG's Scott Melnick, who represented D&K along with colleague Al Cissel. D&K developed the Humphreys & Partners Architects-designed property in 2000 at a cost of approximately $21 million.
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