TOWSON, MD - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announces the sale of the 430-unit asset known as The Quarter in the vibrant Baltimore suburb of Towson, Maryland. The Quarter is made up of two apartment communities including The Jazz, which consists of 280 units, and The Renaissance, consisting of 150 units. ARA Mid-Atlantic Principals, Drew White, Mike Marshall and Ryan Ogden, represented a joint venture between AIG Global Real Estate and Lane Northeast in one of the largest multifamily transactions to occur inside the Baltimore Beltway since March of 2008.
The Jazz and The Renaissance were developed in 2008 and 2009 respectively, creating two of the very few Class A+ assets in Towson. These top notch properties were acquired by CBRE Global Investors, a global real estate investment management firm with $95.9 billion in assets under management as of the end of the first quarter.
Through strong, existing relationships with the major players in the Washington DC and Baltimore markets, ARA Mid-Atlantic was able to broker a successful transaction that signifies noted improvement after a four-year lull in the Baltimore apartment market. Drew White, the lead broker on the deal noted, “There was a lot of interest in these two properties, which is a positive sign for the area’s apartment market. Towson is a vibrant market that has remained consistently strong over the past few years and looks even stronger over the five year forecast. These assets are poised to benefit from the market’s future trends of low vacancy and high rent growth.” According to REIS, occupancy in the Towson market never dipped below 93% despite the recession, and it is projected to climb to an impressive 97.4% by the end of 2013. The five-year average projected rent growth for Towson is over 4%.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA nationally, please contact Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360 or Amy Morris at amorris@ARAusa.com, 678.553.9366; locally, please contact Drew White at white@ARAusa.com or 703-575-2151.
About ARA
Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in average annual production volume of $5.4 billion in real estate transactions since 2004. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com