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Corner Lot, Midloch Secure $35M Ashbury Courts Apartments in Laurel
Transwestern Real Estate Services has brokered the sale Ashbury Courts Apartments, a 156-unit luxury multifamily community with 16,000 square feet of street-front retail in Laurel, MD.
A partnership between Bethesda, MD-based Corner Lot Advisors and Midloch Investment Partnership acquired the value-add asset for $35 million, or $224,359 per unit.
Dean Sigmon, Robin Williams, Justin Shay and Michael D’Amelio, of Transwestern represented the seller, Pikesville, MD-based Pratt Street Capital, LLC, and assisted the buyer in the transaction.
“Demand continues growing for value-add multifamily properties throughout Baltimore and Washington,” said D’Amelio.
“The asset is well located in a dynamic market and provides the ability to maximize value through strategic capital improvements, as well as the potential for additional density on the oversized parking lot,” added Williams.
According to Transwestern, the 2008-constructed Ashbury Courts represented a core-plus opportunity with in-place assumable debt and benefits from its location in one of the region’s top apartment markets.
- ◦Sale/Acquisition
