Baltimore-based Continental Realty Corp. said Wednesday it has bought two apartment developments with a total of nearly 400 units in White Marsh for a total of $58.25 million.
The developments, Lincoln Woods and Quail Ridge, were both owned by Henderson Global/TIAA-CREF, according to the release. Continental Realty purchased the communities through its CRC Fund III, L.P., which now owns ten properties, including a 60,5000-square foot shopping center purchased for $6.3 million last month in Raleigh, North Carolina.
Continental Realty, founded in 1960, owns and manages more than 8,000 apartments, as well as office buildings and shopping centers. The real estate investment and management firm paid $29.125 million for each White Marsh development.
“Baltimore County, and the White Marsh sub-market in particular, continues to exhibit strong growth in the retail and commercial office sectors and features healthy economic fundamentals across the board,” Gene Parker, president of Continental Realty Corporation, said in a statement. “New residential communities have leased extremely quickly and we are tracking several new developments that will increase retail and office densities in the immediate area. Our research indicates long-term and consistent demand for quality apartment units in White Marsh and these two new assets provide us with additional inventory to capture additional market share.”