A set of rental communities in the Baltimore area has sold to California investors for $236 million, the buyers said Monday.
Funds managed by Ares Management and its investment partner TruAmerica Multifamily purchased the 1,402-unit portfolio, deepening the firms' holdings on the East Coast. The deal follows TruAmerica's May acquisition of more than 1,000 units in the Baltimore area.
The portfolio includes Dominion at Eden Brook and Dominion Kings Place in Columbia; Lakeside Mill in Owings Mills; Ellicott Grove in Ellicott City; Arborview at Riverside & Liriope in Belcamp; Dominion Constant Friendship in Abingdon, the companies said in a news release.
The properties, about half of which will be renovated, had been owned by affiliates of UDR Inc., which announced sales plans in its quarterly earnings last month.
The Ares Real Estate Group, a division of the California-based Ares Management, has approximately $10.4 billion in assets under management across equity and debt strategies. TruAmerica Multifamily, founded in 2013, is also based in California and manages a $6.6 billion portfolio, which includes about 2,400 apartments in Maryland after this sale.