Continental Realty Corporation, a Baltimore-based real estate investment and management company, has acquired the Riverstone at Owings Mills apartments in the Owings Mills section of Baltimore County, Maryland for $61.6 million. Trading for just under $190,125 per unit, the complex on Riverstone Drive was 96 percent leased at the time of the sale. The asset was acquired on behalf of Continental Realty Fund IV, L.P., a $164 million fund which is focused on acquiring value-add retail and multifamily properties in the Mid-Atlantic and Southeast regions.The 324 garden-style apartments were built in 2002 and represents the fifth property and third residential asset purchased by the Fund. CBRE represented the seller, CIM Group, during the transaction.
“Riverstone at Owings Mills is strategically positioned within an extremely compelling and rapidly-expanding section of Baltimore County, featuring three significant mixed-use developments currently underway,” explained JM Schapiro, Chief Executive Officer of Continental Realty Corporation. “The area is supported by a stable employment market featuring numerous nationally and regionally-recognized companies, a highly-developed transportation network with a subway station that connects residents to downtown, as well as major retail centers including a newly-opened project anchored by Wegmans Food Market.”
