Cove Property Management announces the acquisition of The Morgan, a 127-unit apartment community in North Bethesda. This community is adding to our growing portfolio of properties managed in the Baltimore-Washington, DC metro area. All 127 apartments at The Morgan are two-bedroom units with an average size over 1,100 square feet, while 43 units feature a den and/or loft. With both attached and detached garages on property, there are plenty of additional storage for residents to take advantage of. Continue reading
Overlook at Woodholme, a 147-unit luxury multifamily mid-rise building located in the highly desirable submarket of Pikesville, MD. The property was originally developed as condominiums with large, high-end designs and finishes. The true “home” living experience is further complimented by a wide-range of Continue reading
The 178-unit complex sold for $31,293,200 or $176,366 per unit, according to public record documents.
Originally constructed in in 1966, the rental property consists of one-bedroom/one-bath units to four-bedroom/two-bath units, with sizes ranging being between 780 to 1621 square feet.
At the time of sale the property was approximately 88% occupied. The buyers foresee opportunities to add value through upgrades and filling vacancies. With the acquisition of Spa Cove Apartments, Cove Property Management continues to expand its portfolio of managed multifamily properties in Maryland and New Jersey.
William Roohan and Martha Hastings of CBRE represented the seller in the deal.
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.
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.