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Laramar Group Purchases 426-Unit Multifamily Community in Laurel
The Laramar Group has acquired The Crossings at Russett, a 426-unit multifamily community on Summit View Road in Laurel, MD. The seller was Camden Property Trust.
Laramar purchased The Crossings at Russet property as a value-add opportunity and is completing a strategic renovation program that will include common area renovations as well as individual unit upgrades.
“The Anne Arundel County market has experienced solid multifamily growth in recent years due to strong employment conditions and its proximity to the Washington, DC, metro area,” said Bennett Neuman, CIO. “This is an ideal asset that will support Laramar Group’s strategy of upgrading residential communities to better serve the community and increase investment returns.”
The acquisition follows two other transactions — in the Chicago and Denver markets — that, combined with the MD purchase, has added 938 units to Laramar’s portfolio in recent months.
The Crossings at Russett was built in two phases, in 1996 and 2000.
- ◦Sale/Acquisition
