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ODENTON, MD-Rieder Communities picked up Shelter Cove Apartments for $38 million, or nearly $126,700 per-unit. The Baltimore-Washington International Airport-area property last hit the marketing 2003 when it traded for $24 million.

With the assistance of Al Cissel and Scott Melnick of Transwestern Commercial Services’ Institutional Multifamily Group, Sawyer Realty Holdings sold the 300-unit apartment complex. Shelter Cove is located on a 16-acre parcel near Rte. 170 and Rte. 32 in Anne Arundel County. The 14-structure garden-style property, which also features a fitness facility and clubhouse, was developed in 1974 and submitted to a $3.9-million renovation effort 10 years ago.

Melnick says the community will benefit from the employment growth in the Odenton area. That includes the expansion of Fort Meade with 5,400 Defense Information Systems Agency jobs transferred from Arlington, VA, and 7,500 new National Security Agency jobs.

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