OWINGS MILLS, MD–The Baltimore-based Continental Realty Corp. has acquired Riverstone at Owings Mills, a 324-unit garden style apartment building, for $61.6 million from CIM Group.
Continental Realty bought the property on behalf of its $164-million Continental Realty Fund IV, which is focused on acquiring value-add retail and multifamily properties in the Mid-Atlantic and Southeast regions. The purchase of Riverstone at Owings Mills is the fifth asset and third residential property the fund has purchased. It has also acquired Avana at Carolina Point, a 346-unit apartment community in Greenville, SC and Polo Glen Apartments, a 252-unit apartment community in Rockledge, Fla.
Constructed in 2002, Riverstone at Owings Mills is nearly 96% occupied. CIM Group began making renovations to the interiors in 2013 with approximately 30% of the units now outfitted with new kitchens and bathrooms.
Continental Realty plans to continue with the ongoing renovation program.
Riverstone is close to three major developments: Foundry Row, a 396,000 mixed-used project where Wegmans recently opened; Owings Mills Mall, which is set to be demolished and replaced by an open-air shopping venue; and Metro Centre at Owings Mills, Baltimore County's only transit-oriented development that will have more than 1.2 million square feet of office space and 300,000 square feet of retail space.
“Riverstone at Owings Mills is strategically positioned within an extremely compelling and rapidly-expanding section of Baltimore County, featuring three significant mixed-use developments currently underway,” said Continental Realty CEO JM Schapiro in a prepared statement.
“The asset satisfied each acquisition requirement in our evaluation criteria and our team considers this project an excellently-maintained apartment community situated in an extremely strong marketplace with sustainable long-term growth.”
More than 300 of the industry's leading national investors, REITs, banks, private equity firms, asset management firms and other institutions will join us as we explore the market conditions behind the trends at this year's RealShare National Investment & Finance, scheduled for Oct. 5 and 6 at the Roosevelt Hotel in New York City. Learn more.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
OWINGS MILLS, MD–The Baltimore-based Continental Realty Corp. has acquired Riverstone at Owings Mills, a 324-unit garden style apartment building, for $61.6 million from CIM Group.
Continental Realty bought the property on behalf of its $164-million Continental Realty Fund IV, which is focused on acquiring value-add retail and multifamily properties in the Mid-Atlantic and Southeast regions. The purchase of Riverstone at Owings Mills is the fifth asset and third residential property the fund has purchased. It has also acquired Avana at Carolina Point, a 346-unit apartment community in Greenville, SC and Polo Glen Apartments, a 252-unit apartment community in Rockledge, Fla.
Constructed in 2002, Riverstone at Owings Mills is nearly 96% occupied. CIM Group began making renovations to the interiors in 2013 with approximately 30% of the units now outfitted with new kitchens and bathrooms.
Continental Realty plans to continue with the ongoing renovation program.
Riverstone is close to three major developments: Foundry Row, a 396,000 mixed-used project where Wegmans recently opened; Owings Mills Mall, which is set to be demolished and replaced by an open-air shopping venue; and Metro Centre at Owings Mills, Baltimore County's only transit-oriented development that will have more than 1.2 million square feet of office space and 300,000 square feet of retail space.
“Riverstone at Owings Mills is strategically positioned within an extremely compelling and rapidly-expanding section of Baltimore County, featuring three significant mixed-use developments currently underway,” said Continental Realty CEO JM Schapiro in a prepared statement.
“The asset satisfied each acquisition requirement in our evaluation criteria and our team considers this project an excellently-maintained apartment community situated in an extremely strong marketplace with sustainable long-term growth.”
More than 300 of the industry's leading national investors, REITs, banks, private equity firms, asset management firms and other institutions will join us as we explore the market conditions behind the trends at this year's RealShare National Investment & Finance, scheduled for Oct. 5 and 6 at the Roosevelt Hotel in
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
