Condos get new life as rental apartments

REAL ESTATE NOTES

June 28, 1992|By Edward Gunts | Edward Gunts,Staff Writer

Worthington Place, a 71-unit apartment complex at 5 Pleasant Ridge Drive in Owings Mills, has been purchased by the Time Group of Baltimore and renamed The Residences At Pleasant Ridge.

The midrise building was constructed in 1990 by a joint venture of the Siegel Organization and Mercantile Mortgage Corp. and originally marketed as a luxury midrise condominium complex.

When none of the units was sold after months of marketing, Siegel left the project and Mercantile arranged with Trammell Crow Residential Realty Services to operate it as an apartment complex.

The Time Group paid more than $3 million for the 4.4-acre property and is renting the apartments for $795 to $900 per month. Time Group President Connie Caplan said that since the residences were originally built to be sold rather than rented, residents get the space and amenities of a luxury condo without having to make a large upfront investment.

"You maintain your liquidity by avoiding big down payments and condo fees, plus you get 24-hour-a-day, free maintenance services," she said.

Recently honored as a winner in the 1992 Award of Excellence program sponsored by the Apartment Builders and Owners Council of the Home Builders Association of Maryland, The Residences At Pleasant Ridge brings to more than 600 the number of apartments that Time Group owns and manages in the Owings Mills area.

Founded in 1956, it also owns numerous residential and commercial properties throughout metropolitan Baltimore.

Homebuying seminar

"Meeting the New Home Challenge," a free seminar that the Home Builders Association of Maryland is sponsoring for first-time buyers, will be held Tuesday from 7 p.m. to 9 p.m. at the builders association headquarters, 1502 Woodlawn Ave.

The seminar will feature a panel of experts addressing common buyer concerns, such as choosing a builder, inspecting a model home, and evaluating mortgage options and new home warranties. Reservations are required and can be made by calling Doris Garmer at the association, 265-7400.

New officers

The Greater Baltimore Board of Realtors has nominated Andrew J. A. Chriss of Manekin Corp. to serve as its 1993 president.

Other newly nominated officers are Nancy Hubble of W. H. C. Wilson, nominated as president-elect; Gayle Wilson of Otis Warren Real Estate Services, vice president; and David E. Baird IV of Belt's Realty Services, treasurer.

Nominated to serve two-year terms on the board were Richard Roszel of Hill & Co.; Bradford Riedle and Wanda Nesbitt of O'Conor, Piper & Flynn Realtors; Zelma B. Ensor of ERA Zelma B. Ensor Real Estate; Douglas Rittenhouse of C-21/C. C. Rittenhouse; Gilbert D. Marsiglia of Gilbert D. Marsiglia & Co.; Patrick Kerr of the Patrick C. Kerr Appraisal Group, and Susan Carey of Casey and Associates.

The full board will vote on the nominations at its convention and annual meeting Oct. 19.

Ashley Group

The Ashley Group has opened an on-site sales center for Velvet Hills North, a community of 12 new homes on quarter-acre lots off Owings Mills Boulevard at Bonita Avenue in Owings Mills.

Priced from $220,000, the houses have 2,000 to 2,500 square feet of living space, including four bedrooms and 3 1/2 bathrooms.

The community is an extension of the Velvet Hills and Velvet Hills South communities in Baltimore County.

Ashley Group also announced that its Huntspring community off Seminary Avenue in Lutherville is more than 80 percent sold and that it has five one-acre lots left to sell. Prices for homes in Huntspring begin at $450,000, and Hannah Tabor Inc. is handling sales.

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