BEL AIR, MD—Brooklyn, NY-based Hampshire Properties has acquired the 732-unit Seasons at Bel Air apartment property here for $80 million.
Hampshire is expected to start renovating the apartments at the development at 955 Sablewood Road as they turn over and raise rents, according to CBRE vice chairman Bill Roohan. CBRE Capital Markets arranged the sale and financing for the transaction, according to the Baltimore Sun.
The average rent at the Seasons at Bel Air complex, which has mostly two bedroom units, is approximately $980, which is about the same rent charged at the property I 2007, Roohan said. The Seasons at Bel Air was 94% occupied at the time of the sale. The property, prior to the sale, had spent years in receivership.
Hampshire Properties’ Maryland portfolio also includes apartments in Rockville and Laurel. See story in the Baltimore Sun.