March 31, 2023

Suburban Baltimore Apartments Sell in Quick Turnaround, Securing Top Price Before Market Decline

By Katherine Hamilton at CoStar News

The $150 million sale of The Residences at Annapolis Junction has earned a CoStar Impact Award as selected by a panel of local industry professionals as the sale/acquisition of the year in Baltimore, not only for its above-average price point, but also for the timing of the transaction, which closed in three months just before a drop-off in market value.

Located in the southern suburbs of Baltimore, The Residences at Annapolis Junction is a 416-unit luxury apartment complex opened in 2017 by Somerset Construction Co. Virginia Beach, Virginia-based Armada Hoffler Properties had owned the multifamily property since 2020, but the market became increasingly turbulent during 2022.

A team from Cushman & Wakefield began marketing the asset in April and closed in July with a sale to Charlottesville, Virginia-based Castle Development. At $360,577 per unit, the complex sold for roughly $100,000 per unit more than the market average sale price for greater Baltimore.

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