CREC Real Estate, LLC is pleased to announce the sale of Columbia Pointe Apartments, a 325-unit multifamily community located in the Baltimore suburb of Columbia, Maryland, on October 31, 2022. Terms of the transaction were not disclosed.
CREC executed an extensive renovation program at Columbia Pointe, including a reconfiguration of the leasing center, modern upgrades to the 24-hour fitness center and pool area, installation of a fire suppression system and window replacements. Additionally, apartment units received new washers and dryers and other premium renovations to capitalize on the strong multifamily rental market in Columbia, Maryland.
Located on 5764 Stevens Forest Road approximately 20 miles southwest of Baltimore, Columbia Point was built in 1972 on an 18-acre plot, featuring one, two and three-bedroom floor plans. The apartment community includes a residential tower and 14 garden-style buildings. Nearby shopping, dining and entertainment make this a highly convenient location. At the time of the sale occupancy was an attractive 95 percent.
“We are delighted to close another sale in 2022 on behalf of our investors,” said Aaron Dixon, President at CREC. “Since we acquired the property in June of 2016, our team has transformed the living experience at Columbia Pointe and established a strong position in Columbia’s growing rental market. We are pleased that the property will play a continuing role in fulfilling multifamily demand in Maryland.”
CREC Real Estate, LLC (CREC) is a private equity real estate investment firm. Based in Columbus, Ohio, the firm sponsors real estate investments through its private fund and private placement offerings and has more than $1 billion of real estate assets under management. Employing a value-add strategy, the firm specializes in multifamily investment in secondary cities throughout the United States. Since CREC’s inception in 2001, it has closed on 59 investments across 19 states. For additional information please visit www.crecrealestate.com/.