Two Baltimore Multifamily Properties Sell for $97M

BALTIMORE-Boston-based REIT Berkshire Income Realty Inc. has added two multifamily properties to its portfolio with the acquisition of Owings Manor Apartments in the suburb of Reisterstown, and Pelham Wood Apartments in the suburb of Parkville. The properties, which account for a total of 1,255 rental units, were purchased from different sellers for a sum of approximately $97.4 million.

Located off Rte. 795 at 5 Brookebury Dr. about 15 miles outside of Baltimore, Owings Manor Apartments features 791 residences accented by such amenities as a fitness center, swimming pool and tennis court. Berkshire bought the property from Apartment Services Inc. in a cash deal of nearly $67.2 million. The REIT’s other acquisition, Pelham Wood Apartments, is a 464-unit garden-style community situated off I-695, about seven miles from Baltimore. Pelham Wood LLP sold the property at 34 Dowling Circle for nearly $30.2 million in cash.