GREENBELT, MD – March 16, 2017 – Blue Ocean continues its rapid growth and repositioning of its portfolio by purchasing The Hanover Apartments in Greenbelt, MD. The 320-unit, garden-style residential community is located on Hanover Parkway, near the I-495/95 and I-295 interchanges, providing residents immediate access to Washington DC, Baltimore, Annapolis and the surrounding region.
The purchase of The Hanover Apartments is a clear representation of Blue Ocean’s long-term strategy to acquire real estate in ‘Class A’ locations, that provide salient opportunities to create or add value to the subject investments.
Blue Ocean, identified The Hanover Apartments as a rare opportunity to acquire a sizable apartment community in an irreplaceable location. Although plans to improve the property are preliminary at this time, Blue Ocean intends to make meaningful quality of life improvements across the property. These investments will make the asset a premier residential apartment community in the Greenbelt multi-family market.
Jonathan Ehrenfeld, President of Blue Ocean, said that “We have worked diligently to grow our portfolio not just in size but in quality as well. This acquisition demonstrates an achievement of those endeavors and represents another step forward for our organization. We look forward to leveraging our resources for the benefit of The Hanover Apartments.
Eastern Equity Advisors’ Marc Belsky arranged $12 million of equity for the acquisition, with securities being offered through Palladium Capital Advisors. Transwestern’s Baltimore/DC team represented the seller in the transaction. Meridian Capital provided financing for the transaction through Capital One.
About Blue Ocean
Located in Baltimore, Blue Ocean Realty is active in syndicating, purchasing and managing commercial real estate assets in the multifamily, office, retail and industrial sectors. The Company was founded in 2004. Since that time Blue Ocean has grown its portfolio to 45 properties valued at over $300,000,000. The Blue Ocean portfolio consists of nearly 3,500 apartment homes and approximately 2,000,000 square feet of commercial space.