M id A tlantic Real Estate Journal — Owners, Developers & Managers — June 18 - July 22, 2021 — 25A
www.marej.com
O wners , D evelopers & M anagers
P Blue Ocean sells 200-unit garden-style asset to GELFUND Real Estate Opportunities Transwestern Real Estate Services reps. seller in Baltimore Apartment Property sale for $30M surrounding retail, education, and employment centers.
“Our group continues to see strong interest for value-add properties throughout the Baltimore and Washington regions,” said Sigmon. “Cur- rently, we have more than $160 million in multifamily assets scheduled to close in the Balti- more area this summer.” According to a first quarter 2021 report from Delta Associ- ates , Transwestern’s research affiliate, stabilized vacancy in the Baltimore metro area de- creased 260 basis points from 5.8% a year ago to 3.2%. The basis-point decrease in vacancy was equal between the suburbs and Baltimore city. MAREJ
IKESVILLE, MD — Transwestern Real Estate Services (TRS) announced its Mid-Atlantic Multifamily Group has bro- kered the sale of Milford Sta- tion Apartments, a 200-unit, value-add investment property at 19Warren Park Dr. in Pikes- ville. Real estate investment firm Blue Ocean sold the gar - den-style asset to GELFUND Real Estate Opportunities , a residential private equity fund, for $30 million, or $150,000 per unit. Transwestern executive vice presidents Dean Sig- mon and Robin Williams , vice president Justin Shay , and senior associate Michael D’Amelio represented the seller in the transaction. “Milford Station is a smart investment for Gelfund,” said Williams. “The asset is well lo - cated in a dynamic market and provides the ability to maxi - mize value through strategic capital improvements.” TPD joins ENR’s list of Top 500 Design Firms in the Nation POTTSTOWN, PA — Traf- fic Planning andDesign, Inc. (TPD) made their inaugural appearance on the Engineering News-Record (ENR) Top 500 Design Firms list, landing at number 450. ENR is recognized as the leading engineering and construction news publication in the US; their Top 500 list ranks the largest domestically based designs firms, both pub - licly and privately held, based on revenue. With over 200 members, 13 office locations, and an ever-expanding repertoire of services, TPD has achieved notable growth over the past few years. Kevin Johnson , TPD’s president, attributes the firm’s success to “our dedication to investing in a talented and diverse staff of professionals, in addition to our exploration of new service-driven and geo- graphic opportunities, while operating as lean and strategi- cally as possible.” TPD is a transportation en - gineering firm that serves the eastern United States with offices across Pennsylvania, New Jersey, Maryland and the Carolinas. Additionally, we are currently ranked as the Best Civil Engineering Firm toWork for (large size category) by the Zweig Group . MAREJ
The property is undergoing an interior renovation program to update cabinets, appliances, countertops, and flooring, and to add unit washers and dryers. The buyer plans to renovate the pool house into an amenity cen- ter with a state-of-the-art gym and construct a new leasing office adjacent to Milford Mill Rd. Upon completion, these capital improvements will at- tract new residents by elevat- ing Milford Station’s position in a competitive market where modern apartments are in high demand.
Milford Station Apartments
Located adjacent to the his- toric Ralston neighborhood, the community is within walk-
ing distance to Milford Mill Metro Station and provides convenient access to I-695 and
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