Baltimore Apartment Portfolio Sells for $191M

BALTIMORE-A three-property multifamily portfolio here has found a new owner in Federal Capital Partners. With the assistance of Eastdil Realty, the seller–a joint venture involving Lubert-Adler Real Estate Fund III and Sawyer Realty, with Lubert-Adler at the helm–secured a deal with Federal Capital after having begun marketing the properties in July 2004. The Lubert-Adler partnership had owned the 2,417-unit portfolio since acquiring it back in 2002 for $97.9 million.

Among the apartment communities involved in the deal is Fairways at Towson, an 827-unit complex in Towson that was built in 1969. The multifamily package also includes the 858-unit Charleston Manor in Ellicott City, which was developed just over three decades ago. The final element is Bel Air’s the Seasons at Bel Air, a 33-year-old complex offering 732 residences. All of the class B communities feature such amenities as clubhouses, fitness centers, swimming pools and tennis courts. The former owner invested an approximate total of $10 million to upgrade the portfolio.