JEMB Acquires 190 Multifamily Units for $50M

ANNAPOLIS, MD-New York City-based developer and manager JEMB Realty has entered this Chesapeake Bay market with the acquisition of 190 units in a 250-unit building.

Called the Regatta Bay, the units traded for $50 million, or $263,000 per apartment. JEMB acquired the assets from Stellar Regatta Bay, Joseph Jerome, principal of JEMB Realty, tells GlobeSt.com. “They had acquired property, which was a rental at the time, emptied it out and turned it into a luxury condo.” The company then put the building back on the market, but only had sold 60 units–or 27% of the total–when JEMB nabbed it for its own portfolio.

Located at 70 Regatta Bay Court, Regatta Bay is a repositioning play for JEMB–and one that is already ahead of the local market because of the superior finish that Stellar Regatta Bay had invested in the product when it was converting it to condos, Jerome says.