Hampshire Properties Buys Germantown Apartment Complex for $102M
- Sep 12, 2012
A 982-unit apartment community in Laurel, Maryland, was recently purchased by Hampshire Properties of Brooklyn, New York, for $102 million, according to CBRE, the real estate firm that handled the sale. The Laurel Square Apartments answer the need for low-cost housing, as a growing influx of civilian and military families settle into the Fort Meade area due to the government’s Base Realignment and Closure process (BRAC).
“With a 5.9 percent cap rate, this distinctive property demonstrates soaring interest in one of the region’s growth epicenters,” said Bill Roohan, vice chairman of CBRE. “The base realignment moves surrounding Fort Meade are creating an increasingly strong demand for affordable housing in Laurel and the other fast-growing communities of the Baltimore-Washington corridor.”
The average size of an apartment is 990 square feet, and rents go for $1,175. Laurel Square, which is 88 percent occupied, offers tenants a number of amenities, including eat-in kitchens with separate dining areas, individual washers and dryers, walk-in closets and bay windows. The complex, built around 1970, is scheduled for a $10 million amenity upgrade.
The property is in close proximity to popular restaurants, such as Chipotle, Ruby Tuesday and Sullivan’s Steak House; as well as everyday stores, such as Best Buy, CVS Pharmacy and Office Depot. Plans are underway to redevelop nearby Laurel Mall into a 560,000-square-foot, open-air community center, according to CBRE.
Laurel Square is located at 13301 Arden Way in Laurel, and was previously owned by the Bozzuto Group and Fannie Mae. Renters enjoy an easy commute with direct access to MD Route 197 and U.S. Route 1, and a short drive to the Baltimore-Washington Parkway (I-295), I-95 and the new MD Route 200.
CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm, based on revenue from 2011.