(To read more on the multifamily market, click here.)
ANNAPOLIS, MD-Stellar Advisors has acquired Regatta Bay Apartments for $49 million. The new owner plans to redevelop the site into a condominium property.
With the assistance of Transwestern Commercial Services' Institutional Multifamily Group, Donatelli & Klein sold the 245-unit luxury rental complex. Regatta Bay is close to the Westfield Shoppingtown Annapolis Mall and is a half-hour drive in either direction from Washington DC and Baltimore.
Due to the strong demand for product in Annapolis and Regatta Bay's location, Stellar Advisors will do well converting it to condominiums, says Transwestern IMG's Scott Melnick, who represented D&K along with colleague Al Cissel. D&K developed the Humphreys & Partners Architects-designed property in 2000 at a cost of approximately $21 million.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
