A real estate investment group has purchased the historic Ogle Hall complex that houses the Naval Academy Alumni Association for $4.65 million.
Fair Winds Capital Investments purchased the property Thursday, the alumni association announced Friday in a news release. The association is in the process of building a new center across from the Max Bishop Stadium on King George Street.
The sale is about $650,000 more than the asking price. Ogle Hall went on the market at $4 million in January. The alumni association had ideally planned for a sale to close in February.
The alumni association chose to put the property on the market after it outgrew the building. In addition to holding offices on the premises, the association would rent out the property for small weddings.
“While we cherish and celebrate our many years of productive work and support for the Naval Academy alumni community based out of the Ogle Hall complex, we look forward to making continued progress on the future Alumni Association and Foundation Center and beginning an exciting new chapter in our history,” said Byron F. Marchant, president and CEO, in the news release.
The alumni association will continue to reside on the Ogle Hall property through the fall and will move to the new center in 2023.
The release from the alumni association did not say how Fair Winds will use Ogle Hall but it states its mission as empowering investors with “passive income through socially responsible apartment investing.” The company works with Naval Academy graduates and Navy veterans. All three members of its team commissioned into the Navy, although none attended the academy, according to their bios.
“The Fair Winds Capital Investments team is excited about the opportunity to purchase a property with such historic significance as Ogle Hall,” said Corey Chonsky, director of commercial real estate at Fair Winds Capital Investments, in the release. “We understand the importance of being able to keep this property in the Navy family and we look forward to the opportunity to continue to serve the Naval Academy family and the greater Annapolis community.”
Ogle Hall is at least 279 years old. The property was built between 1739 and 1742 for Dr. William Stephenson and his family. However, the name Ogle Hall comes for later residents. Maryland Gov. Samuel Ogle leased the home in 1747, and the home stayed in the family through Benjamin Ogle, another state governor.
The home has been held by at least three governors, with Thomas Pratt owning it in the mid 19th century. The alumni association bought the property in 1967.