Multifamily sales volume closes strong in 2015
Washington, D.C. – December 29, 2015 – CBRE, Inc. announced the sale of Rodgers Forge, a 497-unit garden apartment community in Towson, Maryland. The property was sold by Philadelphia Management to Bridge Acquisitions for $73,250,000. The CBRE Washington, D.C. Multifamily Investment Properties Team, led by Bill Roohan, Mike Muldowney, Brian Margerum, Michael Rudolph, and Martha Hastings, represented the seller in the transaction.
The asset is named after its iconic neighborhood, which has been one of Baltimore County’s most desirable places to live since the 1940s. Rodgers Forge is within one mile of Greater Baltimore Medical Center, University of Maryland’s St. Joseph’s Medical Center and Towson University, all of which employ more than nine million people. Downtown Towson, which contains nearly 40 million square feet of office and retail space, is just a five-minute drive away.
The neighborhood is comprised almost entirely of stable, single-family residential homes, and is situated within a highly-acclaimed school district, making Rodgers Forge apartment community an attractive rental option for young families.
Rodgers Forge underwent a significant remodel between 2007 and 2010, adding modern-day quality and conveniences while retaining its original charm. While all of the apartment interiors were completely renovated and asset preservation needs were addressed, there is a value-add opportunity to upgrade the community amenity package and further strengthen the position of the property at the top of the market.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.