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BALTIMORE COUNTY-In three separate deals valued at a total of $66.3 million, three area apartment communities in seller the Town and Country Trust’s portfolio have found new owners. While the absence of the properties’ names in earlier reports gave the news an air of secrecy, Town and Country EVP Thomas L. Brodie tells GlobeSt.com that the aforementioned dispositions involved the 565-unit Charlesmont, the 460-unit Foxhaven and the 424-unit Woodmoor apartment complexes.

In Dundalk off I-695, the Charlesmont apartments carry the address of 3000 Wallford Dr. Developed in 1965, the property last underwent renovations in 2000. Both Foxhaven and Woodmoor occupy the same parcel at 3101 Windsor Blvd. in Woodlawn. The structures were originally built in 1964, and last remodeled in 1998. The dispositions mark the close of a property exchange, of sorts, that began with the company’s May acquisition of Pikesville, MD-based the Courts of Avalon and the Excalibur of Avalon apartment properties, and which allows the company to repay $38.8 million in bridge financing to Manufacturers and Traders Trust.

In a written statement on the transactions, Town and Country officials explain: “The sale of the three older Baltimore communities together with the acquisition of the two newer communities earlier in the year are part of the company’s strategy to dispose of certain of its older communities at historically attractive pricing, and to recycle its capital into newer properties in submarkets that management believes are characterized by high barriers to entry, limited available land for development and good growth potential.”

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