CRC Acquires Howard County Multifamily Property for $86 Million

CRC Acquires Howard County Multifamily Property for $86 Million

Continental Realty Corporation (CRC) has recently acquired Dartmoor Place at Oxford Square for $86.5 million. The property, located at 7200 Alden Way in Elkridge, Maryland, was developed by Preston Partners and completed in 2019. At the time of the acquisition, the five-story apartment community had a high occupancy rate of 94%. As part of this transaction, CRC will also take over a fixed-rate HUD loan with a low interest rate of 2.79%, which has a term length of 35 years.

CBRE’s Executive Vice President Mike Muldowney represented the seller in this off-market deal between CRC and Preston Partners.

This purchase marks CRC’s fourth asset acquisition on behalf of their Core Multifamily Fund LP – an equity fund that they sponsor alongside Brown Advisory. Dartmoor Place is situated within Oxford Square – a large mixed-use development spanning over 122 acres and conveniently located within Baltimore-Washington D.C.’s transit-oriented corridor.

The building itself consists solely of one five-story structure featuring various floorplans ranging from one to three bedrooms with sizes between approximately725 to1 ,407 square feet each . Additionally , there is an attached parking deck available for residents’ use . This latest investment demonstrates CRC’s continued commitment to expanding their multifamily portfolio through strategic acquisitions like this one.

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