Owings Mills Apartment Complex Sells For $92.9 Million
OWINGS MILLS, MD — An apartment complex has sold in Owings Mills for more than its purchase price, which the seller claims is partly due to the investments in the area like Mill Station, Foundry Row and Metro Centre.
The complex Riverstone, which contains 324 apartments, was sold by the Baltimore-based Continental Realty Corporation to Carter Funds of Tampa, Fla. The purchase price was $92.9 million.
When Continental Realty Corporation acquired the property in 2016, it purchased the complex for $61.6 million, according to a statement from the company.
The purchase was at $190,000 per unit and the sale was at $287,000 per unit, the statement said.
“I could not be more proud of our team’s efforts and outcomes in this investment,” CEO of Continental Realty Corporation JM Schapiro said in a statement.
“Riverstone’s value story is a tremendous combination of asset-level improvements and sub-market advancement," Schapiro said.
In the past several years, the company stated, the market in Owings Mills was reshaped with billions of dollars, including these projects:
- Transformation of Owings Mills Mall into Mill Station
- Construction of lifestyle center Foundry Row
- Continued development at Owings Mills Metro Centre
"It was incredible to watch the evolution of the property and submarket," Schapiro said, particularly since the owner was local to the area. "Riverstone was a great investment ... and we believe that this market has continued runway for additional expansion and growth."