Glen Burnie Townhome Community Sells for $76.25M

The Coves at Chesapeake townhome community in Glen Burnie is the latest addition to the list of large, Greater Baltimore multifamily assets that changed hands this year. The property traded for $76.25 million.

The Coves at Chesapeake townhome community in Glen Burnie is the latest addition to the list of large, Greater Baltimore multifamily assets that changed hands this year. The property traded for $76.25 million.

Transwestern’s Bethesda-based Mid-Atlantic Multifamily Group brokered the deal. The group was led by Co-Directors Dean Sigmon and Robin Williams. It represented bot the seller, Home Properties, and the unnamed buyer.

The Coves at Chesapeake was constructed between 1978 and 1982. It offers 469 townhomes, with an average unit size of 986 square feet. According to a Transwestern marketing flyer, the community was 94.5 percent occupied on October 1, 2014. At that time, the average rent was $1,401 per month.

This is the Mid-Atlantic Multifamily Group’s third sale in Anne Arundel County in the past nine months. Dean Sigmon said in a news release that it represents “a further indication of the strong investor demand for well-maintained and well-located apartment properties in the Washington-Baltimore region.”

According to Marcus & Millichap, investors will continue to raid Greater Baltimore for multifamily properties this year, motivated by the low interest rates. Compared to the nation’s capital, assets in the Baltimore metropolitan area provide provide a 100 to 200 point lead on first-year yields.

Photo credit: Transwestern