A New York-based firm made another investment in the Baltimore area, buying the Watergate Village rental community in Annapolis, according to a broker on the deal.
Castle Lanterra Properties paid $105 million for the 608-unit Watergate Village, located in the Eastport neighborhood, said commercial real estate firm CBRE. CBRE represented the seller, Columbia Realty Venture, an affiliate of Washington-based Bernstein Management Corp.
Castle Lanterra also closed in January on a $13.5 million deal to buy the nine-story apartment building at 222 East Saratoga Street. The 77-unit property was previously owned by RWN Development Group.
Watergate Village includes a mix of high-rise and garden-style apartments, with a pool, boat slips and seasonal water taxi passes. The 31.1-acre waterfront property is authorized for the construction of almost 700 more residences, according to CBRE.
nsherman@baltsun.com