Continental Realty Corp., a Baltimore-based real estate investment and management company, said Friday it has purchased a large apartment development in Owings Mills.
The firm, which owns and manages a $1 billion-plus portfolio of shopping centers and apartments in the mid-Atlantic and southeast, paid $61.6 million for Riverstone at Owings Mills, a ten-building, 324-unit gated community that opened at 4700 Riverstone Drive in 2002.
The acquisition from Bethesda's CIM Group was the fifth purchase involving the $164 million Continental Realty Fund IV LP, which also has holdings in South Carolina and Florida. Continental said it plans to continue renovations that started in 2013.
Continental Realty CEO JM Shapiro said in a statement that he was drawn to the property for its location, which is close to major employers such as T. Rowe Price Group and several ongoing redevelopments, including Metro Centre and Foundry Row.