BALTIMORE, MD – July 5, 2016 – Blue Ocean has continued its rapid growth by acquiring Belvedere Towers Apartments. This 237-unit mid-rise apartment community sits at the corner of Falls Road and Northern Parkway in Roland Park, adjacent to the village of Mt. Washington. The community contains a wide range of oversized apartments from studios to three bedrooms and offers a host of amenities including a modern fitness center, outdoor pool, community lounge and on-site café.
Blue Ocean, in partnership with LEM Capital, identified Belvedere Towers as a rare opportunity to acquire a sizable apartment community in a highly desirable 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 this asset the premier residential apartment community in Roland Park and Mt. Washington. Other parties involved in the transaction included Eastern Union, providing Capital Markets advisement for Blue Ocean and LEM.
Jonathan Ehrenfeld, President of Blue Ocean, said, “We have worked diligently to grow our business not just in size but in quality of our product and investments. This acquisition demonstrates an achievement of those endeavors and represents a big step forward for our organization. We look forward to leveraging our resources for the benefit of Belvedere Towers and transforming the property into an elite residential community.”
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.