FPA Multifamily, LLC acquires Shelter Cove Apartments from The Goldstar Group
The Edge Multifamily Capital Markets Group has brokered the sale of a 300-unit multifamily community in Odenton, Maryland. Rawles Wilcox, Ryan Ogden and Jared Emery, Partners with Edge Multifamily Capital Markets, represented the buyer, FPA Multifamily in the acquisition of Shelter Cove Apartments from The Goldstar Group. Cushman & Wakefield represented the seller.
Delivered in 1973, Shelter Cove Apartments is located approximately three miles from the entrance of Ft. George M. Meade and is adjacent to the intersection of MD Routes 32 and 175. The asset is positioned 15 miles from Annapolis, 20 miles from Baltimore and 30 miles from Washington, D.C., and benefits from immediate proximity to the region’s largest employers and economic drivers. This transaction, completed off-market, marks FPA’s third purchase in the Odenton area this year.
Headquartered in San Francisco, FPA Multifamily is a real estate operating company which facilitates apartment acquisitions, dispositions and asset management activities for its institutional investors. The firm has completed transactions totaling more than $20 billion in investments for more than 700 buildings, in excess of 130,000 units.
“The multifamily asset class continues to generate significant institutional investor interest and we anticipate an extremely robust 2022, based on the activity of the past year and strong fundamentals that continue to persist in the greater Maryland, Washington, D.C. and Northern Virginia region,” stated Rawles Wilcox of Edge Multifamily Capital Markets. “Buyers and sellers continue to choose Edge because of our utilization of cutting-edge data analytics tools, the depth and breadth of our investor contacts and our ability to match buyers with sellers, all of which allow us to facilitate successful off-market transactions on behalf of our clients”
The Edge Multifamily Capital Markets Group provides advisory & consulting service to buyers of multifamily investment properties and clients with active 1031 exchange needs across the United States.
Edge is a commercial real estate firm providing a full complement of advisory, leasing, investment sales, management, construction, property management and engineering services to clients throughout the Washington, D.C., Maryland, Northern Virginia, and Pennsylvania marketplaces. Founded in 2007, the company currently leases and manages more than 8.5 million square feet of commercial office, flex/office, industrial/warehouse, retail and mixed-use space. Visit www.edgecre.com.