(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)
BALTIMORE-Two separate multifamily deals closed in the Washington-Baltimore area in recent days totaling $192.3 million. One was the Hamptons at Town Center in Germantown, which traded for $90.3 million. The other was Laurel Square near Ft. Meade, which sold for $102 million.
The 768-unit Hamptons at Town Center is located at 19757 Crystal Rock Dr. Harbor Group International was the seller; Montgomery County was the buyer. The County plans to use the complex to provide affordable housing to the community—something that will likely be in short supply as demand for housing increases as Shady Grove Life Sciences Center creates more jobs. The complex is 97% occupied.
The 982-unit garden apartment community Laurel Square, located at 13301 Arden Way in Laurel, was acquired by Hampshire Properties of Brooklyn, NY, from Bozzuto Group and Fannie Mae. It traded at a 5.9% cap rate. The new owner is planning a $10 million upgrade. CBRE brokered both transactions.
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