Continental Realty Corporation (CRC) has completed the $86.5 million acquisition of Dartmoor Place at Oxford Square, located at 7200 Alden Way in Elkridge, Maryland.
As part of the acquisition, CRC will assume the in-place 35-year amortizing fixed-rate HUD loan at a 2.79 percent rate. Mike Muldowney, Executive Vice President at CBRE, represented the seller in this off-market transaction.
This is the fourth asset purchased on behalf of the Core Multifamily Fund, LP, a private equity fund sponsored by CRC in partnership with Brown Advisory. Situated within Oxford Square, a 122-acre mixed-use transit-oriented development located in the heart of the Baltimore-Washington, D.C. corridor, Dartmoor Place at Oxford Square consists of a single five-story building featuring one-, two-, and three-bedroom floorplans ranging from 725 to 1,407 square feet with an attached parking deck.
Headquartered in Baltimore, Maryland and founded in 1960, CRC is a full-service commercial real estate and investment company focused on acquiring and operating retail and multifamily properties. The privately held firm owns and manages a diversified portfolio of retail centers consisting of more than seven million square feet of commercial space and over 9,000 apartment homes across 10 states, with a portfolio value exceeding $3.3 billion.
CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
