{"id":1004090829,"date":"2014-02-04T06:44:15","date_gmt":"2014-02-04T14:44:15","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=236250"},"modified":"2020-05-18T16:37:14","modified_gmt":"2020-05-19T00:37:14","slug":"blue-ocean-realty-buys-720-unit-millbrook-park-apartments-in-pikesville","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/blue-ocean-realty-buys-720-unit-millbrook-park-apartments-in-pikesville\/","title":{"rendered":"Blue Ocean Realty Buys 720-Unit Millbrook Park Apartments in Pikesville"},"content":{"rendered":"<p style=\"text-align: justify;\"><em>By Adrian Maties, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/01\/51_Millbrook-Park-0008web.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-236252\" title=\"51_Millbrook Park 0008web\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/01\/51_Millbrook-Park-0008web.jpg\" alt=\"\" width=\"300\" height=\"200\" \/><\/a>Seven hundred twenty apartments; 73 buildings; 40 acres of land. Put them all together and you get the Millbrook Park Apartments in Pikesville. Blue Ocean Realty, one of the largest owner-managed investment companies in the Baltimore metropolitan area, recently purchased this massive complex.<\/p>\n<p style=\"text-align: justify;\">The Millbrook Park Apartments are located at 6808 Milbrook Park Drive. It consists of spacious one-, two- and three-bedroom apartment homes, and offers five different floor plans. The apartments feature fully equipped kitchens, parquet wood flooring, patios, balconies, and much more. Millbrook Park Apartments also includes such amenities as a large swimming pool, soccer field, playground and an onsite shuttle bus service which provides access to local retail centers. On its <a href=\"https:\/\/www.blueoceanrealty.net\/\" rel=\"nofollow\" ><em>website<\/em><\/a>, Blue Ocean Realty says apartments in the complex rent between $700 and $1,000 per month.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/01\/baltforecast.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-medium wp-image-236251\" title=\"baltforecast\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/01\/baltforecast.jpg\" alt=\"\" width=\"175\" height=\"300\" \/><\/a>In an apartment market outlook for the Baltimore area, Marcus &amp; Millichap reports that operations will strengthen in 2014, as the market absorbs last year\u2019s construction surge. This year\u2019s accelerating job growth is expected to boost net absorption of apartments across the metro, with Baltimore\u2019s growing 20- to 34-year-old population further supporting demand. Residents in this age range are generally considered the prime renter demographic. Their numbers within the Greater Baltimore area have increased over the past five years, growing at double the pace of the national average.<\/p>\n<p style=\"text-align: justify;\">Marcus &amp; Millichap predicts that demand will outpace construction, pushing vacancy to 4.5 percent by the end of the year. Rents are also expected to advance 3.1 percent in 2014, to $1,229 per month.<\/p>\n<p style=\"text-align: justify;\">Blue Ocean Realty announced the acquisition of the Millbrook Park Apartments on its <a href=\"https:\/\/www.facebook.com\/BlueOceanRealty\" rel=\"nofollow\" ><em>facebook page<\/em><\/a>, on January 24, but did not disclose the price of the transaction. To date, the 720-unit property is the largest community to join the company\u2019s portfolio. In recent months, several Baltimore area multifamily properties with hundreds of units have changed hands. Read about all of these transactions <em><a href=\"https:\/\/www.multihousingnews.com\/cities\/baltimore\/joint-venture-acquires-baltimore-area-500-unit-multifamily-portfolio\/1004094876.html\" rel=\"nofollow\" >here<\/a><\/em> and <em><a href=\"https:\/\/www.multihousingnews.com\/cities\/baltimore\/two-howard-county-apartment-communities-sold-for-68m-3\/1004094328.html\" rel=\"nofollow\" >here<\/a><\/em>.<\/p>\n<address style=\"text-align: justify;\"><em>Photo credits: <a href=\"https:\/\/www.blueoceanrealty.net\/\" rel=\"nofollow\" >Blue Ocean Realty<\/a><\/em><\/address>\n<address style=\"text-align: justify;\"><em>Charts courtesy of <a href=\"https:\/\/www.marcusmillichap.com\/\" rel=\"nofollow\" >Marcus &amp; Millichap Real Estate Investment Services<\/a>.<\/em><\/address>\n","protected":false},"excerpt":{"rendered":"<p>720 apartments. 73 buildings. 40 acres of land. Put them all together and you get the Millbrook Park Apartments in Pikesville. Blue Ocean Realty, one of the largest owner-managed investment companies in the Baltimore metropolitan area, recently purchased this massive complex.<\/p>\n","protected":false},"author":925,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1579,21742],"tags":[39414,1815],"class_list":["post-1004090829","post","type-post","status-publish","format-standard","hentry","category-baltimore","category-latest","tag-baltimore","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Blue Ocean Realty Buys 720-Unit Millbrook Park Apartments in Pikesville - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/blue-ocean-realty-buys-720-unit-millbrook-park-apartments-in-pikesville\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blue Ocean Realty Buys 720-Unit Millbrook Park Apartments in Pikesville\" \/>\n<meta property=\"og:description\" content=\"720 apartments. 73 buildings. 40 acres of land. Put them all together and you get the Millbrook Park Apartments in Pikesville. Blue Ocean Realty, one of the largest owner-managed investment companies in the Baltimore metropolitan area, recently purchased this massive complex.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/blue-ocean-realty-buys-720-unit-millbrook-park-apartments-in-pikesville\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-02-04T14:44:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-19T00:37:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/01\/51_Millbrook-Park-0008web.jpg\" \/>\n<meta name=\"author\" content=\"Adrian Maties\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blue-ocean-realty-buys-720-unit-millbrook-park-apartments-in-pikesville\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blue-ocean-realty-buys-720-unit-millbrook-park-apartments-in-pikesville\\\/\"},\"author\":{\"name\":\"Adrian Maties\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/6dfc8d1c9006c9fd1c89d69133130109\"},\"headline\":\"Blue Ocean Realty Buys 720-Unit Millbrook Park Apartments in Pikesville\",\"datePublished\":\"2014-02-04T14:44:15+00:00\",\"dateModified\":\"2020-05-19T00:37:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blue-ocean-realty-buys-720-unit-millbrook-park-apartments-in-pikesville\\\/\"},\"wordCount\":340,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blue-ocean-realty-buys-720-unit-millbrook-park-apartments-in-pikesville\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/01\\\/51_Millbrook-Park-0008web.jpg\",\"keywords\":[\"Baltimore\",\"National\"],\"articleSection\":[\"Baltimore\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blue-ocean-realty-buys-720-unit-millbrook-park-apartments-in-pikesville\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blue-ocean-realty-buys-720-unit-millbrook-park-apartments-in-pikesville\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/blue-ocean-realty-buys-720-unit-millbrook-park-apartments-in-pikesville\\\/\",\"name\":\"Blue Ocean Realty Buys 720-Unit Millbrook Park Apartments in Pikesville - 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