BALTIMORE, MD—Locally-based Continental Realty Corp. has acquired two apartment complexes in the White Marsh submarket in separate transactions, paying a total of $58.25 million for the properties. The seller in both deals was Henderson Global/TIAA-CREF. Continental acquired the properties on behalf of the CRC Fund III, which focuses on value-add retail and multifamily properties in the Mid-Atlantic and Southeast.
The fund now owns ten properties, including Creekside Crossing, a 60,500 square foot neighborhood shopping center located in Raleigh, NC, which it acquired last month. It was the company's first acquisition in the state.
Its two latest acquisitions were of Lincoln Woods, a 204-unit apartment building, located at 1 Lincoln Woods Way that traded for $29.1 million. It consists of eleven three-story buildings that were constructed in 1986. Quail Ridge, a 192-unit apartment community located at 4805 Berry Hill Circle, traded for $29.1 million. It consists of eight three-story apartment buildings. Continental is planning to reposition both properties with an interior renovation and leasing strategy.
The submarket is poised for growth across most asset classes, says Gene Parker, president of Continental Realty, in a prepared statement. "New residential communities have leased extremely quickly and we are tracking several new developments that will increase retail and office densities in the immediate area."
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