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Ares & TruAmerica Pay $236M for Value-Add Portfolio
Ares Management and TruAmerica Multifamily partnered to buy a 1,402-unit multifamily portfolio in suburban Baltimore. The buyers paid $236 million to seller UDR, with plans to renovate 50% of the units with new appliances, flooring, countertops and cabinet upgrades. Additionally, the owners plan exterior renovations that will include new landscaping and painting, and signage upgrades.
The multifamily portfolio’s assets are situated near military, government and corporate employers in the area and consists of:
- Dominion at Eden Brook, 7310 Eden Brook Dr., Columbia
- Dominion Kings, 7525 Murray Hill Rd., Columbia
- Lakeside Mill, 100 Chase Mill Circle, Owings Mills
- Ellicott Grove, 3005 Oak Green Circle, Ellicott City
- Arborview at Riverside and Liriope, 1300 Liriope Court, Belcamp
- Dominion Constant Friendship, 499 Crisfield Dr., Abingdon
For comments, questions or concerns, please contact Amy Sorter
- ◦Sale/Acquisition
