Hampshire Properties Buys The Seasons At Bel Air Apartments For $80M
- Nov 21, 2014
Another Greater Baltimore area apartment community has recently changed hands. CBRE Capital Markets announced last week that Hampshire Properties paid $80 million to buy the Seasons at Bel Air garden community.
The property is located at 955 Sablewood Road, in Bel Air. It was constructed in three phases, between 1975 and 1985. Seasons at Bel Air features 732 one- and two-bedroom apartments, ranging in size from 683 square feet to 1,123 square feet. According to the website, units in the community rent between $871 and $1,156 per month. Amenities include an athletic field, tennis courts, an olympic-size swimming pool and multiple playgrounds. The property was 94 percent occupied at the time of the sale.
William Roohan, Michael Muldowney, Brian Margerum, Michael Rudolph, and Martha Hastings, of CBRE’s Investment Properties Multi-Housing Group, represented the seller in the transaction. Real estate website PropertyShark names Lsref2 Oreo2 LLC as the previous owner of the Seasons at Bel Air. David Webb, Jamie Butler and Maxi Thiels of CBRE’s Debt & Structured Finance Group represented Hampshire Properties for the first mortgage of $63 million.
“Within a five-mile radius of Seasons at Bel Air, the 2014 estimated average household income is an impressive $113,730, 60 percent higher than the national average,” William Roohan, vice chairman of CBRE Capital Markets, said in a press statement. “The difference in rental rates between Class A and Class B properties in specific submarkets continues to favor investors who take advantage of renovation and repositioning opportunities like Seasons at Bel Air.”
Photo credit: Ross Companies