BALTIMORE-Keeping in step with its current strategy that could be described as out with the old and in with the new, the Town and Country Trust has sold off two three-decade-old area apartment buildings in return for a grand total of $53.4 million. Together, the multifamily properties account for nearly 900 residential units. Town and Country expects the deal to yield $38 million when all is said and done on the financial front.

“The sale was the second leg of a tax-deferred exchange [under Section 1031 of the Internal Revenue Code] involving a Herndon, VA-property bought in April,” Town and Country executive vice president Thomas L. Brodie tells Globe The REIT acquired the 328-unit Lionsgate Apartment Homes, previously known as the Windsor at Lionsgate, in September. “We’re selling some of our older buildings and buying newer ones,” Brodie explains. “The market for apartments is very hot and we sold into a very strong market.”

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