Transwestern Brokers Sale of 608-Unit Asset on Behalf of Castle Lanterra Properties
June 10, 2021
Washington –Transwestern Real Estate Services (TRS) announces its Mid-Atlantic Multifamily Group has arranged the sale of Watergate Pointe, a waterfront apartment community encompassing 608 units and 160 fixed docks at 655 Americana Drive in Annapolis, Maryland. Transwestern’s Dean Sigmon, Robin Williams, Justin Shay and Michael D’Amelio represented Castle Lanterra Properties in the disposition to TPG Real Estate and The Bainbridge Companies, which purchased the asset for $154 million, or $253,290 per unit.
“Watergate Pointe is an irreplaceable property in a strong multifamily market,” said Sigmon. “With superior amenities and a prime location near historic downtown Annapolis, conveniently accessible by water taxi directly from the property, the community is poised for continued growth.”
The sprawling 31.2-acre property sits on a peninsula in Back Creek, connecting to the Chesapeake Bay, and includes seven mid-rise and 13 garden-style buildings, and a 160-slip, income-producing marina. An extensive capital improvements program, totaling more than $10 million, has repositioned Watergate Pointe into a market-leading, amenity-rich community in the Annapolis submarket.
“The property is well-positioned to capture significant upside through rent increases, which can be achieved by continuing to implement an interior renovation program, and through improved management of the marina to maximize its value,” said Williams.
Watergate Pointe benefits from the area’s strong demographics and high barriers to entry. The average household income within one mile of the property is $127,273, and the submarket has no market-rate apartment units currently under construction. According to Delta Associates, Transwestern’s research affiliate, the Annapolis apartment market is one of the best performers in the region, with Class A rents averaging $2,155 per month.
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 group’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.
About Transwestern Real Estate Services
Transwestern 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. An integrated approach formed from fresh ideas drives value for clients across commercial real estate services, development, investment management and opportunistic programs for high-net-worth investors. The firm operates through 34 U.S. offices and global alliances with BNP Paribas Real Estate and Devencore. Learn more at transwestern.com and @Transwestern.