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PIKESVILLE, MD-Palm Coast, FL-based Bay Communities has spent $56 million for Avalon Village Green, a 255-unit apartment-home community in suburban Baltimore. The firm plans to convert the rental units into condominiums.

With the assistance of Michael Marshall of Cushman &Wakefield's Apartment Brokerage Services, BlackRock Realty sold the property. Carrying the address of 225 Galvariun Ct., Avalon Village is located off Interstate 695 in Baltimore County. The gated community consists of townhouses and garden-style structures within the upscale Avalon East subdivision.

"The full-service clubhouse with 24-seat movie theater, fitness center, and resort-style swimming pool should appeal to first time home buyers and empty nesters," Marshall says. As per Cushman & Wakefield's research, "the performance of the condo market in greater Baltimore has been exceptional over the past few years, with over 10,000 units sold in 2003 and prices increasing more than 30% over the past four years," the real estate services firm notes in a document on the property.