{"id":1004120053,"date":"2015-05-26T04:20:30","date_gmt":"2015-05-26T12:20:30","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=349774"},"modified":"2020-04-15T10:09:19","modified_gmt":"2020-04-15T18:09:19","slug":"glen-burnie-townhome-community-sells-for-76-25m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/glen-burnie-townhome-community-sells-for-76-25m\/","title":{"rendered":"Glen Burnie Townhome Community Sells for $76.25M"},"content":{"rendered":"<p style=\"text-align: justify;\"><em>By Adrian Maties, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify;\">T<a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/05\/Coves-at-Chesapeake.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-349777\" title=\"Coves at Chesapeake\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/05\/Coves-at-Chesapeake.jpg\" alt=\"\" width=\"300\" height=\"191\" \/><\/a>he Coves at Chesapeake townhome community in Glen Burnie is the latest addition to the list of large, Greater Baltimore multifamily assets that changed hands this year. The property traded for $76.25 million.<\/p>\n<p style=\"text-align: justify;\">Transwestern\u2019s Bethesda-based Mid-Atlantic Multifamily Group brokered the deal. The group was led by Co-Directors Dean Sigmon and Robin Williams. It represented bot the seller, Home Properties, and the unnamed buyer.<\/p>\n<p style=\"text-align: justify;\">The Coves at Chesapeake was constructed between 1978 and 1982. It offers 469 townhomes, with an average unit size of 986 square feet. According to a Transwestern marketing flyer, the community was 94.5 percent occupied on October 1, 2014. At that time, the average rent was $1,401 per month.<\/p>\n<p style=\"text-align: justify;\">This is the Mid-Atlantic Multifamily Group\u2019s third sale in Anne Arundel County in the past nine months. Dean Sigmon said in a news release that it represents \u201ca further indication of the strong investor demand for well-maintained and well-located apartment properties in the Washington-Baltimore region.\u201d<\/p>\n<p style=\"text-align: justify;\">According to Marcus &amp; Millichap, investors will continue to raid Greater Baltimore for multifamily properties this year, motivated by the low interest rates. Compared to the nation\u2019s capital, assets in the Baltimore metropolitan area provide provide a 100 to 200 point lead on first-year yields.<\/p>\n<p style=\"text-align: justify;\"><em>Photo credit: <a href=\"https:\/\/www.transwestern.net\/\" target=\"_blank\" rel=\"nofollow\">Transwestern<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Coves at Chesapeake townhome community in Glen Burnie is the latest addition to the list of large, Greater Baltimore multifamily assets that changed hands this year. The property traded for $76.25 million.<\/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":[],"class_list":["post-1004120053","post","type-post","status-publish","format-standard","hentry","category-baltimore","category-latest"],"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>Glen Burnie Townhome Community Sells for $76.25M - 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\/glen-burnie-townhome-community-sells-for-76-25m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Glen Burnie Townhome Community Sells for $76.25M\" \/>\n<meta property=\"og:description\" content=\"The Coves at Chesapeake townhome community in Glen Burnie is the latest addition to the list of large, Greater Baltimore multifamily assets that changed hands this year. The property traded for $76.25 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/glen-burnie-townhome-community-sells-for-76-25m\/\" \/>\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=\"2015-05-26T12:20:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-15T18:09:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/05\/Coves-at-Chesapeake.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\\\/glen-burnie-townhome-community-sells-for-76-25m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/glen-burnie-townhome-community-sells-for-76-25m\\\/\"},\"author\":{\"name\":\"Adrian Maties\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/6dfc8d1c9006c9fd1c89d69133130109\"},\"headline\":\"Glen Burnie Townhome Community Sells for $76.25M\",\"datePublished\":\"2015-05-26T12:20:30+00:00\",\"dateModified\":\"2020-04-15T18:09:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/glen-burnie-townhome-community-sells-for-76-25m\\\/\"},\"wordCount\":210,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/glen-burnie-townhome-community-sells-for-76-25m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/05\\\/Coves-at-Chesapeake.jpg\",\"articleSection\":[\"Baltimore\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/glen-burnie-townhome-community-sells-for-76-25m\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/glen-burnie-townhome-community-sells-for-76-25m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/glen-burnie-townhome-community-sells-for-76-25m\\\/\",\"name\":\"Glen Burnie Townhome Community Sells for $76.25M - 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