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 “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.”

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