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CRC Acquires Howard County MF for $86M
Continental Realty Corporation (CRC) has completed the $86.5 million acquisition of Dartmoor Place at Oxford Square, located at 7200 Alden Way in Elkridge, Maryland.
Developed by Preston Partners and delivered in 2019, the 258-unit, five-story apartment community was 94 percent leased at the time of this transaction. As part of the acquisition, CRC will assume the in-place 35-year amortizing fixed-rate HUD loan at a 2.79 percent rate. Mike Muldowney, Executive Vice President at CBRE, represented the seller in this off-market transaction.
This is the fourth asset purchased on behalf of the Core Multifamily Fund, LP, a private equity fund sponsored by CRC in partnership with Brown Advisory. Situated within Oxford Square, a 122-acre mixed-use transit-oriented development located in the heart of the Baltimore-Washington, D.C. corridor, Dartmoor Place at Oxford Square consists of a single five-story building featuring one-, two-, and three-bedroom floorplans ranging from 725 to 1,407 square feet with an attached parking deck.
