Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management company, has completed the sale of Riverstone at Owings Mills, a residential community consisting of 324 multifamily units in Owings Mills, Maryland, for $92.9 million. Situated just outside of Interstate 695 in the northwest section of Baltimore County, the asset was acquired by Carter Funds. CRC was represented by Christine Espenshade and Robert Garrish of Newmark in this sales transaction. This is the second multifamily sale in the region for CRC in the last quarter. In July, CRC sold the 189-unit 101 North Ripley Apartments in Alexandria, Virginia for $50.1 million.
Riverstone at Owings Mills was acquired in 2016 on behalf of CRC Fund IV, for $61.6 million. CRC purchased the property for $190,000 per unit and disposed the asset for $287,000 per unit.
Riverstone at Owings Mills is located at 4700 Riverstone Drive and is adjacent to the Owings Mills Town Center as well as several major business communities and lifestyle centers. Interstate 795, a major highway serving the northwest corridor of Baltimore County, is less than one mile away and Towson is approximately 15 miles from the community. During its hold period, CRC added significant value with the execution of in-unit improvements and a full renovation of community amenities, including the fitness center, clubhouse, leasing office, pool deck and several exterior amenities.
Since CRC acquired Riverstone at Owings Mills in 2016, the Owings Mills submarket has been reshaped with the investment of several billion dollars of development activity. Notable nearby developments include the transformation of Owings Mills Mall into Mill Station, an open-air shopping venue, the construction of lifestyle center Foundry Row, the continued development of Owings Mills Metro Centre, a Transit-Oriented Development and the renovation of several neighborhood shopping centers. As a result of these recent developments, the submarket has benefited from new high-profile retailers such as Wegmans Food Markets, Costco, Lowe’s Home Improvement and a variety of regional and national restaurants. The developments added more than 1.2 million square feet of commercial office space, 1.2 million square feet of retail space and 1,700 Class “A” luxury apartment units, as well as a full-service hotel and conference center.
“I could not be more proud of our team’s efforts and outcomes in this investment,” stated JM Schapiro, CEO of Continental Realty Corporation. “Riverstone’s value story is a tremendous combination of asset-level improvements and sub-market advancement. Being a Baltimore-based real estate company, we knew this asset extremely well and visited it frequently. It was incredible to watch the evolution of the property and submarket during our hold period. Riverstone was a great investment for CRC Fund IV and we believe that this market has continued runway for additional expansion and growth. Riverstone serves as another great example of CRC’s team adding value for both the resident and the investor.”
Headquartered in Baltimore, Maryland and founded in 1960, CRC is a full-service commercial real estate and investment company focused on acquiring and operating retail and multifamily properties. The privately held firm owns and manages a diversified portfolio of retail centers consisting of more than six million square feet of commercial space and approximately 9,000 apartment homes across ten states, with a portfolio value exceeding $3.2 billion. For additional information, visit www.crcrealty.com.
