Signature Properties has purchased Queens Ridge Apartments, a 110-unit, garden-style multifamily property in Windsor Mill, Maryland, for $17.85 million, or $162,272 per unit. Transwestern Real Estate Services’ Mid-Atlantic Multifamily Group brokered the sale and represented the seller in the transaction.
The Queens Ridge community is northwest of Baltimore, located in close proximity to I-695, I-70, and I-90, and walkable to the new Chadwick Elementary School. Throughout the pandemic, the building has operated at 98% occupancy or higher.
“Investor interest was extremely strong for Queens Ridge due to its neighborhood location and spacious unit sizes. The community offers the largest two-bedroom floor plans in the submarket,” says Michael D’Amelio, senior associate at Transwestern.
Transwestern notes that multifamily asset sales are extremely active in the Baltimore submarket. Earlier this year, the firm brokered the sale of Milford Station at Pikesville, a 200-unit complex sold to Philadelphia-based Gelfund for $30 million, or $150,000 per unit. Transwestern has facilitated eight multifamily sales in Baltimore and Washington, D.C., this year, and is currently marketing Baltimore workforce housing communities Coventry Manor and Westchester Gardens.
“Queens Ridge is a strategic value-add purchase for Signature Properties. The immediate submarket is supply constrained for multifamily product, and the asset provides considerable upside potential to increase rental revenue by completing interior unit renovations,” says Dean Sigmon, executive vice president at Transwestern.