Transactions - NOVEMBER 14, 2016

To read this full article you need to be subscribed to Newsline.

Sign in Start Your Free Trial Now View Purchase Options

Ares JV buys apartment portfolio in Maryland

by Andrea Waitrovich

Funds managed by Ares Management and investment partner TruAmerica Multifamily have acquired a 1,402-unit multifamily portfolio in suburban Baltimore for $236 million.

The portfolio consists of residential units spread across six properties located in submarkets of Baltimore. The assets are Dominion at Eden Brook and Dominion Kings Place in Columbia, Md.; Lakeside Mill in Owings Mills, Md.; Ellicott Grove in Ellicott City, Md.; Arborview at Riverside and Liriope in Belcamp, Md.; and Dominion Constant Friendship in Abingdon, Md.

Approximately 50 percent of the units in the portfolio are slated to be renovated, offering a significant value-added opportunity. The partnership will implement a multimillion-dollar renovation and repositioning program across the entire portfolio. 

This is the second investment for TruAmerica in the region since entering the market five months ago

Glossary, videos, podcasts, research in the Resource Center

Forgot your username or password?

Close your account?

Your account will be closed and all data will be permanently deleted and cannot be recovered. Are you sure?

We respect your privacy! Please give consent for processing data as described in our Privacy Policy