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BusinessReal EstateThe Real Estate Wonk

Elkridge apartment complex sells for $44.1 million

Investment ServiceAvalonBay Communities IncorporatedFirst Capital Realty Incorporated

An Elkridge development of 208 apartments sold Tuesday for $44.1 million to a Los Angeles-based investment group, the brokerage firm handling the deal announced.

JRK Investors Inc. will own and manage Belmont Station, said Jeff Coles, senior broker with First Capital Realty, which represented the buyers during the deal. The development was built by Elkridge Development LLC in 2008.

JRK Investors has a portfolio of more than 49,000 apartment units and is trying to expand its holdings on the East Coast, Coles said.

Last month, the firm bought the Avalon at Cedar Place apartments in Columbia. It paid AvalonBay Communities Inc., an Arlington, Va., real estate investment trust, $26 million for the 156-unit complex on Harpers Farm Road.

Copyright © 2014, The Baltimore Sun
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