Cove Property Management and Advantage Properties close on Oakland Ridge

The principals of Advantage Properties and Cove Property Management purchased the portfolio from a joint-venture between Feldman Bergin Properties and Fortified Property Group for $9.95 million.

“We are pleased with the Oakland Ridge acquisition as these properties are expected to generate substantial cashflow over time. The properties are well-positioned in the Columbia market and will benefit from strong demand for the asset class in the coming years,“ commented Alex Gross, President of Advantage Properties.

The Oakland Ridge Portfolio totals 84,514 square feet on 6.78 acres. At 100-percent leased, the portfolio provides strong in-place cashflow with value-add potential through rising rents. The portfolio is also buoyed by the future Howard County Courthouse development, a $140 million development project just a quarter-mile away.

Executive Managing Director Cris Abramson, Director Nicholas Signor and Associate Ben McCarty of NKF’s Maryland Capital Markets team facilitated the sale. The sale marks the third disposition arranged by the NKF team in the Oakland Ridge Industrial Park over the last 12 months.

“The Oakland Ridge Industrial Park continues to prove its merits, as another new investor enters the market,” said Abramson. “Located at the convergence of MD-29, MD-100 and Route 108, the Oakland Ridge Portfolio benefits from tremendous access and location at the midpoint between Washington, DC and Baltimore.”

About Advantage Properties and Cove Property Management
Advantage Properties, Inc. is an entrepreneurial real estate development and asset management company that specializes in identifying, acquiring, and overseeing the management of multi-family income producing real estate in the District of Columbia, Maryland and Virginia.

Cove Property Management provides real estate management for apartments and townhomes for rent throughout Maryland and New Jersey. Cove offers a full suite of property management services, led by a highly qualified team and driven to be responsive, proactive and thoughtful. We approach each investment from an owner’s perspective because we are owners. Currently Cove’s portfolio includes fifteen apartment communities in the Maryland, Washington D.C. metro, New Jersey areas totaling 2100+ apartment homes.

Stephen Margerum elected as the President of MMHA

Maryland Multi-Housing Association, Inc.

The board of directors of the Maryland Multi-Housing Association, which represents providers of rental housing and professional residential services, elected new officers for the 2018-2019 fiscal year.

Stephen Margerum, founder and principal of Cove Property Management LLC, will serve as president of the board. Also, Patrick Butler, vice president with Bozzuto Management Company, will serve as vice president; Steve Weidner, president and CEO of Carpet Consultants, will be treasurer; and Jamie Lubliner, vice president of finance with Hendersen-Webb Inc., is the new secretary.

Gardens of Annapolis wins MMHA Star Awards

Maryland Multi-Housing Association, Inc.

Gardens of Annapolis, a premiere senior living community in Anne Arundel County, was awarded the Silver Star Award for Active Adult Community of the Year at the Maryland Multi Housing Association’s (MMHA) 22nd Annual Star Award Banquet on Thursday, October 11, 2018 at Martin’s West.

Since 1997, MMHA has recognized industry excellence at its annual Star Awards Ceremony. The MMHA Star Awards are designed to honor members of the association who exhibit the most outstanding and innovative properties and professionals in the Maryland multi-housing industry. All awards are based on nominations from the membership and are judged by a third party.   Continue reading

The Villas at Greenview Hosts Fundraiser for Great Mills H.S. Shooting Survivor

On April 7th, 2018 the Villas at Greenview, a townhome community managed by Cove Property Management hosted a fundraiser to raise money for Great Mills High School shooting victim Desmond Barnes. Barnes and his family have been long time residents of the Villas at Greenview, which is a very tight knit community. The 14 year old student sustained a gunshot wound to the leg when a gunman opened fire at the high school on March 20th, 2018.

The fundraiser consisted of Cove  owners purchasing food, drinks and goodies and team members from the Villas at Greenview preparing the food and baking cookies. A $5 minimum donation was asked for each meal, but most people gave more. Additionally, the party band Funkzilla provided amazing entertainment at no cost. The fundraiser lasted 3 hours and helped the Villas at Greenview raise $1,032.00 in cash donations for Desmond, and Cove owners gave the family a $1,200 rent credit. Sonya Campbell, Director of Operations at Cove  stated: “It was amazing to see the outpouring of love and support for Desmond Barnes. Our entire team stayed the whole day, prepared and distributed all the food and would not accept payment to do so. Desmond and his family  are amazing!  #DESMONDSTRONG” Residents from Cove’s other communities volunteered their time for the fundraiser as well, and neighbors of the family started a fundraising page on which has raised over $25k.