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Dealmaker: Transwestern Closes $184M in Multifamily
Transwestern Real Estate Services’ Mid-Atlantic Multifamily Group sold Watergate Pointe, a waterfront apartment community with 608 units and 160 fixed docks in Annapolis, Md., for $154 million.
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Transwestern Executive Vice Presidents Dean Sigmon and Robin Williams, Vice President Justin Shay and Senior Associate Michael D’Amelio represented Castle Lanterra Properties in selling the asset to TPG Real Estate and The Bainbridge Cos. for $253,290 per unit.
Sigmon noted Watergate Pointe residents can access downtown Annapolis via a water taxi directly from the property.
The 31.2-acre property sits on a peninsula in Back Creek, connecting to the Chesapeake Bay, and includes seven mid-rise and 13 garden-style buildings and a 160-slip income-producing marina.
“The property is well-positioned to capture significant upside through rent increases, which can be achieved by continuing to implement an interior renovation program, and through improved management of the marina to maximize its value,” Williams said.
Average household incomes within one mile of the property exceed $125,000, and the submarket currently has no market-rate apartment units under construction. Delta Associates reported Class A apartment rents in the Annapolis market average $2,155 per month.
Transwestern Real Estate Services also sold Milford Station Apartments, a 200-unit value-add investment property at 19 Warren Park Drive in Pikesville, Md. Real estate investment firm Blue Ocean sold the garden-style asset to private equity fund Gelfund Real Estate Opportunities for $30 million. Sigmon, Williams, Shay and D’Amelio represented the seller in the transaction.
“Our group continues to see strong interest for value-add properties throughout the Baltimore and Washington regions,” Sigmon said.