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Signature Properties Pays $18M for Baltimore Apartment Community
Transwestern Real Estate Services has brokered the sale of Queens Ridge Apartments, a 110-unit, value-add investment property in Windsor Mill, MD, a northwest suburb of Baltimore. Signature Properties purchased the garden-style asset for $162,272 per unit.
Transwestern EVPs Dean Sigmon and Robin Williams, VP Justin Shay and senior associate Michael D’Amelio represented the seller in the transaction.
“Queens Ridge is a strategic value-add purchase for Signature Properties,” said Sigmon. “The immediate submarket is supply-constrained for multifamily product and the asset provides considerable upside potential to increase rental revenue by completing interior unit renovations.”
Queens Ridge is minutes from I-695, I-70 and I-90, and walkable to the new Chadwick Elementary School, a key driver for families residing at the property. Throughout the pandemic, the asset has operated with a historically high occupancy of 98% or higher.
