Ares JV buys apartment portfolio in Maryland
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