X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ANNAPOLIS, MD-New York City-based developer and manager JEMB Realty has entered this Chesapeake Bay market with the acquisition of 190 units in a 250-unit building.

Called the Regatta Bay, the units traded for $50 million, or $263,000 per apartment. JEMB acquired the assets from Stellar Regatta Bay, Joseph Jerome, principal of JEMB Realty, tells GlobeSt.com. “They had acquired property, which was a rental at the time, emptied it out and turned it into a luxury condo.” The company then put the building back on the market, but only had sold 60 units–or 27% of the total–when JEMB nabbed it for its own portfolio.

Located at 70 Regatta Bay Court, Regatta Bay is a repositioning play for JEMB–and one that is already ahead of the local market because of the superior finish that Stellar Regatta Bay had invested in the product when it was converting it to condos, Jerome says.

The multifamily units feature large floor plans and 9-foot ceilings. The complex offers a swimming pool, spa, putting green, resident garage, cyber café, conference room, catering kitchen, entertainment lounge and fitness center as well as a designated pet area

Asking rents will range from $1,500 to $2,500. Units available range from studios, one-bedroom, one-bedrooms plus lofts and two-bedrooms.

JEMB acquired this particular asset because of the discount associated with its return to multifamily status. However it has found it likes the Annapolis market, Jerome says, and is now looking for additional opportunities here. “We go where the opportunities are. Annapolis is close to Washington, DC and the Naval Academy is there.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.