CRC Sells Owings Mills Multifam for $93M Following 2016 Purchase for $62M
Baltimore, MD-based Continental Realty Corporation has completed the sale of Riverstone at Owings Mills, a residential community consisting of 324 multifamily units in the Baltimore, MD submarket of Owings Mills for $92.9 million. Carter Funds acquired the asset.
Christine Espenshade and Robert Garrish of Newmark represented CRC, which also recently sold its 189-unit 101 North Ripley Apartments in Alexandria, VA for $50.1 million.
Riverstone at Owings Mills was acquired in 2016 on behalf of CRC Fund IV, for $61.6 million. CRC purchased the property for $190,000 per unit and disposed the asset for $287,000 per unit. During its hold period, CRC executed in-unit improvements and a full renovation of community amenities.
The property is on Riverstone Drive adjacent to the Owings Mills Town Center. Since CRC acquired Riverstone at Owings Mills in 2016, the Owings Mills submarket has been reshaped with the investment of several billion dollars of development activity.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.