June 12--A real estate investment firm said Wednesday it paid $43 million for the Shelter Cove Apartments, a 300-unit complex in Odenton.
The Goldstar Group of Bethesda said it would continue ongoing interior renovation of approximately 200 units, expected to be completed within three years.
Shelter Cove Apartments are located within the Odenton Town Center, an area targeted for economic development by the county for several decades.
Goldstar partner Eric May said Shelter Cove benefits from being near the gates of Fort George G. Meade, the nation's fourth-largest military base. Approximately 56,000 people work at the post.
"Our team identified this asset as a strong value-add opportunity when it was brought to market. Purchased below replacement cost, the asset is expected to achieve significantly higher returns upon the completion of the renovation package," May said in a prepared statement.
The sale is one of a series of recent developments affecting rental housing around Fort Meade.
Work was completed last year on The Flats170 apartments, the residential portion of a 55-acre mixed-use development in Odenton. Later this summer, the Army and Corvais Militiary Living will open Reese Crossings, a 432-unit apartment complex for enlisted personnel on Fort Meade.
On the other side of Fort Meade, Home Properties of Rochester plans to build a 300-unit apartment complex off Winterson Road in Linthicum. Construction is expected to start later this year with completion in 2016.
Goldstar purchased the Odenton property from Mid-Atlantic Multifamily Group, a subsidiary of Transwestern. Built in 1974, the average rent is $1,338 per month.
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