Lowe Enterprises Investors has acquired the Stonegate Apartments in Elkton, MD in a joint venture with a foreign investment client. The 19.3 acre community is located on the Maryland/Delaware border and is less than one mile from I-95 and three miles from the University of Delaware. The 260 unit property features 26, two and three story buildings, a resort-style swimming pool and deck, business center, fitness center and tennis courts. LEI will invest approximately $2.4 million in additional improvements in the newly acquired asset. Greystar has been retained to provide property management services. Terms of the transaction were not disclosed.
“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.
