Continental Realty Completes $86.5 Million Acquisition of Dartmoor Place
Deal News | Nov 22, 2024 | Continental Realty Corp
Continental Realty Corporation (CRC), a Baltimore-based real estate investment group, has completed the purchase of Dartmoor Place at Oxford Square in Elkridge, Maryland for $86.5 million. This acquisition is part of CRC's expansion in the multifamily housing market, with the property marking their first investment in Howard County. The Dartmoor Place acquisition was financed through a 35-year HUD loan with advantageous terms at a 2.79 percent interest rate. Established by Preston Partners in 2019, the community features 258 apartment units and was 94 percent leased at the time of purchase. This off-market transaction, handled by CBRE, bolsters CRC's portfolio to over 4,800 units across Maryland. Dartmoor Place offers upscale apartment living with high-quality amenities in a strategic location near Baltimore and Washington, D.C., validated by its location in the award-winning Oxford Square development. CRC's acquisition strategy is guided under its Core Multifamily Fund, with Brown Advisory as a partner, seeking stabilized housing assets in the Southeast while recently pivoting focus to nearby Maryland. CRC has managed to acquire the property below replacement cost, showcasing their effective acquisition strategy and industry acumen.
Sectors
- Real Estate Investment
- Private Equity
Geography
- United States – The article focuses on Continental Realty's activities in the real estate market, particularly in Maryland, highlighting national investment strategies within the U.S.
- Maryland – The investment of Dartmoor Place at Oxford Square in Elkridge, Maryland, represents a key geographical focus of the article.
Industry
- Real Estate Investment – The article revolves around Continental Realty Corporation's recent acquisition, indicating active involvement in real estate investment specifically within multifamily housing.
- Private Equity – Continental Realty's use of the Core Multifamily Fund, sponsored in partnership with Brown Advisory, highlights methods typical to private equity funding and investment strategies.
Financials
- $86.5 million – Acquisition price for Dartmoor Place at Oxford Square.
- 2.79% – Interest rate on the 35-year fixed-rate HUD loan assumed by CRC.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Continental Realty Corporation | Acquirer | Company | A Baltimore-based real estate investment and management company expanding its portfolio in multifamily communities. |
| Dartmoor Place at Oxford Square | Target | Company | A 258-unit multifamily community in Elkridge, Maryland, recently acquired by CRC. |
| Preston Partners | Developer of Target | Company | The developer of Dartmoor Place at Oxford Square, completed in 2019. |
| CBRE | Broker | Company | Represented the seller in the off-market transaction of Dartmoor Place. |
| Core Multifamily Fund, LP | Investment Fund | Company | A private equity fund by CRC targeting high-quality Class A multifamily properties. |
| Brown Advisory | Partner | Company | A global private and independent investment management and strategic advisory firm partnering with CRC in the Core Multifamily Fund. |
| HUD | Financing | Government | Provides the 35-year amortizing fixed-rate loan for CRC's acquisition. |
| Ari Abramson | Commentator | Person | CRCs Vice President of Acquisitions, who commented on the strategic advantage of the acquisition. |