Ten apartment complexes in Baltimore County and one in Baltimore City have been put on the market as part of a larger portfolio sale, broker CB Richard Ellis said yesterday.
Sawyer Realty Holdings LLC of Needham, Mass., is selling 20 Maryland properties with nearly 7,000 apartments. Nine communities are in Prince George's County.
The Baltimore-area complexes are garden-style apartments built between 1950 and 1990 with an average of 250 units each, said Bill Roohan, vice chairman of CB Richard Ellis' Multi-Housing Group, which is handing the sale for Sawyer.
Sawyer was a partner in the acquisition of Baltimore-based apartment building owner Town & Country Trust last year. However, none of the properties in the current offering are former Town & Country properties.
No asking price has been set for the complexes, which could be acquired separately or as a package, Roohan said. Offers are due July 17.
Roohan said he expects multiple offers on every property because of investors' strong appetite for multifamily properties. Likely buyers would be pension fund advisers and private equity firms.
Apartment properties in the Baltimore-Washington market are attractive to buyers because of tight vacancy rates, rising rents and strong, growing demand for rental housing, he said.
"There's an enormous amount of capital chasing deals like this," which are viewed as stable and predictable, Roohan said. "You're still seeing 3 to 5 percent rent growth. There still is a shortage of dwelling units."
The properties include:
In Baltimore County - Carriage Hill Village, Charlesmont, Crosswinds at Rolling Road, Diamond Ridge, Granite Run, Gwynn Oaks Landing, Melvin Park, Rolling Wind, Stratton Meadows Townhomes and The Glens at Rolling Road.
In Baltimore City - Greens at Forest Park.