Town and Country Increases Area Presence

BALTIMORE-The Courts of Avalon and the Excalibur at Avalon apartment communities have been snapped up by local multifamily REIT Town and Country Trust. Both properties had previously been part of Berkshire Realty Holdings LP. Financial terms of the deal have not been released, but the Baltimore County Department of Assessments and Taxation tells GlobeSt.com that the 2003 assessed value of both apartment communities is $16.6 million.

For Town and Country, the acquisitions fit in with the company’s current strategy of expanding its presence in markets with high barriers to entry and limited space for multi-family property development. Located on an adjoining five-acre parcel, the Courts and the Excalibur sit on the 9000 block of Iron Horse Lane. The Courts apartment community was developed in 1999 and features 258 units in 300,000 sf of garden-style buildings. The large property easily accommodates a putting green, tennis courts, fitness center and clubhouse.