ELKTON, MD - Lowe Enterprises Investors (LEI), in joint venture with a foreign investment client, has acquired the 260-unit Stonegate Apartments at 4301 Stone Gate Boulevard in Elkton, Maryland. The 19.3-acre community is centrally located on the Maryland/Delaware border and is less than one mile from I-95. The property’s location, three miles from the University of Delaware, offers excellent connectivity to nearby employers and regional employment centers throughout the Maryland and Delaware metro area.
“Stonegate is one of the premier communities in the Elkton/Newark submarket. With limited new multifamily property development in the area, Stonegate offers an attractive opportunity to improve the property with upgrades and renovations. The area offers access to a number of major employment areas, with downtown Philadelphia, downtown Baltimore, the Aberdeen Proving Ground and the growing University of Delaware all nearby,” said Andy Sands, managing director of Lowe Enterprises Investors.
Stonegate Apartments features 26, two and three-story buildings spread across the richly landscaped property creating a park-like setting with a small central lake. The community offers one- two- and three-bedroom residences, all with washer/dryers, decks and walk-in closets. Many units have been lightly renovated, with new cabinet fronts, flooring, lighting, white appliances and plumbing fixtures. LEI will invest approximately $2.4 million in additional improvements that includes completing the remaining unit upgrades, renovating kitchens and bathrooms, adding stainless steel appliances, and replacing doors and fixtures throughout the property. LEI will also upgrade the clubhouse and common areas. Stonegate’s many popular amenities include a resort-style swimming pool and deck, business center, fitness center and tennis courts.
The Stonegate community is located just off Interstate 95, three miles from University of Delaware and its new 272-acre Science, Technology and Research (STAR) Campus which will be a major employment center when completed. Currently, nearly 25 percent of Stonegate residents are employed by the University. The property also offers easy access to retailers, restaurants and conveniences.
LEI’s acquisition team was led by John Gaghan. Greystar has been retained to provide property management services. Hunt Mortgage secured debt for the transaction. JLL represented the seller, TA Associates.
The transaction is the latest in LEI’s active expansion of its multifamily investment portfolio in select markets across the country. In the surrounding area, the firm’s portfolio includes the 228-unit Christina Mill apartment property in Newark, Delaware acquired in 2014. Most recently, LEI acquired the 210-unit Fairways of Naperville in Naperville, IL outside of Chicago. Other recent acquisitions include the 264-unit Hawthorne at Bridford apartment community in Greensboro, NC and the Hamilton Ridge Apartments, a 178-unit apartment community in Raleigh, North Carolina. LEI continues to seek multifamily and commercial acquisition and development opportunities nationwide.