Lowe Enterprises Investors (LEI), in a joint venture with a foreign investment client, has acquired the 260-unit Stonegate Apartments at 4301 Stone Gate Boulevard in Elkton, MD.
The 19.3-acre community is on the Maryland/Delaware border and is less than one mile from I-95 and three miles from the University of Delaware. The seller was not disclosed.
The property’s location, three miles from the University of Delaware, offers excellent connectivity to nearby employers and regional employment centers.
“Stonegate is one of the premier communities in the Elkton/Newark submarket. With limited new multifamily property development in the area, Stonegate offers an attractive opportunity to improve the property with upgrades and renovations. The area offers access to a number of major employment areas, with downtown Philadelphia, downtown Baltimore, the Aberdeen Proving Ground and the growing University of Delaware all nearby,” said Andy Sands, managing director of Lowe Enterprises Investors.
Stonegate Apartments features 26, two- and three-story buildings spread across a landscaped property creating a park-like setting with a small central lake. The community offers one- two- and three-bedroom residences, all with washer/dryers, decks, and walk-in closets.
Many units have been lightly renovated, with new cabinet fronts, flooring, lighting, white appliances and plumbing fixtures.
LEI will invest approximately $2.4 million in additional improvements that includes completing the remaining unit upgrades, renovating kitchens and bathrooms, adding stainless steel appliances, and replacing doors and fixtures throughout the property. LEI will also upgrade the clubhouse and common areas. Stonegate’s amenities include a resort-style swimming pool and deck, business center, fitness center and tennis courts.
Greystar has been retained to provide property management services. Hunt Mortgage secured debt for the transaction. JLL represented the seller, TA Associates.
The transaction is the latest in LEI’s active expansion of its multifamily investment portfolio in select markets across the country. In the surrounding area, the firm’s portfolio includes the 228-unit Christina Mill apartment property in Newark, acquired in 2014.
Lowe Enterprises Investors (LEI) provides real estate investment management services on behalf of a select list of institutional and high net worth clients and partners through individually managed accounts, commingled fund relationships and targeted investment programs. The firm has been responsible for $7 billion in real estate assets, including commercial, hospitality and debt investments, since inception in the late 1980s.
Lowe maintains additional regional offices in Southern California, Denver, Philadelphia, Seattle and Washington, DC.
