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Investors Buy Two Apartment Complexes for $18.8 Million

LAUREL, MD-The Oxford Green and Montpelier Woods properties are to be combined and managed as one complex.

By Mike Cleary | Updated on August 24, 2000

FF Properties Inc. has bought Oxford Green, a 245-unit complex on 11.25 acres at 9689 Muirkirk Rd., from Oxford Green Limited Partnership, which made $11.709 million on the deal. In another transaction, FF Realty LLC bought Montpelier Woods, a 141-unit complex on 6.372 acres at 13900 Laurel Lakes Ave. Montpelier Woods LP sold the property for $7.1 million.

The new owners plan to merge the two complexes into one property, to be known as Muirfield at Montpelier, for better economies of scale. The pool house will be renovated, and the leasing and business center will move into that building, according to CB Richard Ellis, which was the sole broker on both transactions.

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