JV Snags Extended Stay Hotel Near Baltimore

A joint venture between Walker & Dunlop Investment Partners and real estate investment firm Blue Ocean has acquired the Quality Suites extended stay hotel at 10710 Beaver Dam Road in Hunt Valley, MD. The sales price was $7 million.

WDIP and Blue Ocean plan to invest $13 million to transform the hotel into a 96-unit multifamily property comprising a mix of one- and two-bedroom apartments. Planned capital expenditures and renovations include deferred maintenance on the property, common area improvements, and interior room renovations such installation of new appliances, countertops, cabinets, sinks, flooring, lighting, hardware and painting. The property is adjacent to the 30-acre Beaver Dam Swim Club, which features two swimming pools, a volleyball court, picnic tables and grills, a creek and snack house.

“This is a great candidate for conversion thanks to its location in an affluent, job-dense micro-market in Baltimore County, with nearby employers that include PayPal, Geico, McCormick & Company, Bank of America, and Aecom,” said Sam Isaacson, president at WDIP. “The garden-style building, constructed in 1988 and unrenovated in over a decade, has multifamily-quality floor plans where a capital improvement program will have a high impact.”