Belvedere Towers Apartments, a 237-unit tower on the northern edge of Baltimore City, has sold for $30.2 million to Blue Ocean Realty, a Baltimore-based commercial real estate firm.
Blue Ocean announced the acquisition Tuesday and said it plans to make improvements to the mid-rise building at the corner of Falls Road and Northern Parkway in North Roland Park. Apartments range from studios to three-bedroom units, with amenities such as a fitness center, outdoor pool and cafe.
The purchase price was confirmed Tuesday by CoStar Group. The previous owner, an affiliate of Norfolk-based Harbor Group International LLC, purchased the building in 2011 for $26.1 million.
Blue Ocean owns and manages 45 apartment and commercial properties in Baltimore and Towson, including the 201 N. Charles St. office tower and buildings on downtown's west side. The firm, which acquired Belvedere Towers in partnership with Philadelphia-based private equity fund manager LEM Capital, said it saw a "rare" chance to buy a large apartment community in a desirable location.
Belvedere Towers was built in 1965 and is known for having some of the largest apartments in the immediate area.