Transwestern Brokers Eighth Multifamily Disposition in 2021
October 06, 2021
WASHINGTON – Transwestern Real Estate Services (TRS) announces its Mid-Atlantic Multifamily Group has brokered the sale of Queens Ridge Apartments, a 110-unit, value-add investment property in Windsor Mill, Maryland, a northwest suburb of Baltimore. Signature Properties purchased the garden-stye asset for $17.85 million, or $162,272 per unit. Transwestern Executive Vice Presidents Dean Sigmon and Robin Williams, Vice President Justin Shay and Senior Associate Michael D’Amelio represented the seller in the transaction.
“Queens Ridge is a strategic value-add purchase for Signature Properties. The immediate submarket is supply-constrained for multifamily product and the asset provides considerable upside potential to increase rental revenue by completing interior unit renovations,” said Sigmon.
Situated within the Windsor Mill/Woodlawn residential neighborhood, Queens Ridge is minutes from I-695, I-70 and I-90, and walkable to the new Chadwick Elementary School, a key driver for families residing at the property. Throughout the pandemic, the asset has operated with a historically high occupancy of 98% or higher.
“Investor interest was extremely strong for Queens Ridge due to its neighborhood location and spacious unit sizes. The community offers the largest two-bedroom floor plans in the submarket,” said D’Amelio.
Queens Ridge is near Milford Station at Pikesville, a 200-unit apartment complex Transwestern brokered to Philadelphia-based Gelfund earlier this year for $30 million, or $150,000 per unit. Multifamily investment sales remain extremely active in the market. This year, Transwestern has facilitated eight multifamily sales in the Baltimore and Washington, D.C. region, totaling 2,447 units and $470 million. The firm is currently marketing the sale of Baltimore workforce housing communities Coventry Manor and Westchester Gardens.
Transwestern’s Mid-Atlantic Multifamily Group provides a full range of investment sales services throughout Maryland, Washington, D.C., Northern Virginia, Richmond, Baltimore and Delaware. The team’s recent client roster includes Sentinel Real Estate, Federal Capital Partners, Foulger Pratt with DLJ, Hampshire Properties, Aimco, Avalon Bay, Equity Residential, The Bozzuto Group, Fannie Mae, AIG Investment, Morgan Properties, Goldman Sachs, JP Morgan, and Angelo Gordon.
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About Transwestern Real Estate Services
Real Estate Services (TRS) adds value for investors, owners and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Tenant Advisory + Workplace Solutions, Capital Markets, and Research & Investment Analytics.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. Through an integrated, customized approach that begins with good ideas, the firm drives value for clients across commercial real estate services, development, and investment management. Operating from 33 U.S. offices, Transwestern extends its platform capabilities globally through strategic alliance partners whose unique geographic, cultural, and business expertise fuels creative solutions. Learn more at transwestern.com and @Transwestern.