A Virginia firm said Friday that it purchased six rental complexes in Woodlawn for $190 million and intends to spend close to $8 million more to renovate the 1,984 units.
The Norfolk-based Harbor Group International purchased the 808-unit Crosswinds at Rolling Road, the 92-unit Diamond Ridge, the 270-unit Glens at Rolling Road, the 264-unit Granite Run, the 280-unit Rolling Wind and the 270-unit Stratton Meadows.
The acquisition, from an affiliate of Sawyer Realty Holdings, brings to more than 3,300 the number of rental units Harbor Group owns in the Baltimore area. Harbor Group's president, T. Richard Litton Jr., said in a statement that the new portfolio appealed to the company because it's in an "extremely healthy submarket." Woodlawn, in Baltimore County, has the headquarters of two large federal agencies — Social Security Administration and Centers for Medicare & Medicaid Services.
Rents have been on the rise in the region and nationwide as homeownership levels drop, buffeted by the housing bust, foreclosure crisis and difficult economy.