MILLERSVILLE, MD—Boston-based Berkshire Income Realty has sold three apartment buildings in Maryland for a total of $90.3 million. The REIT made reference to the sales in its recent earnings call. Namely, it reported that since October it has sold three properties, Yorktowne located in Millersville and Country Place I and Country Place II, located in Burtonsville.
In addition, a source tells GlobeSt.com that Harpers Mill, another multifamily property Berkshire owned in Millersville, traded for approximately $25 million. The source said Quest Management acquired Harpers Mill, 144-unit garden apartment community built in 1987 and Yorketowne, a 240-unit midrise built in 1985, for a total of approximately $58 million.
Berkshire Income has made seven other sales this year, most of which were in Texas: Chisholm Place and Bear Creek, both located in Dallas, Texas; Laurel Woods located in Austin, Texas; and Berkshires on Brompton located in Houston, Texas.
It also sold Lakeridge and Bridgewater on the Lake located in Hampton, VA, and The Reserves at Arboretum Place located in Newport News, VA. The sales price for the seven properties totaled $161.2 million, with the REIT recognizing proceeds of $84.1 million.
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