US real estate investor CREC Real Estate has disposed of a 240-unit multifamily community located in Ellicott City, Maryland.
IPE Real Assets understands that the private equity real estate investment firm sold the Orchard Meadows Apartments for around $63m (€58.7m) to the Howard County Housing Commission.
Orchard Meadows was built in two phases, first in 1998 with 96 two-bedroom garden units followed by the addition of 144 one and two-bedroom units in 2012.
Aaron Dixon, CREC Real Estate’s president, said: “We acquired Orchard Meadows in 2018, completing upscale renovations and strengthening the property’s operational performance during our hold period.
“We are excited to begin 2024 with the sale of Orchard Meadows on behalf of our investors, and are confident the property will continue to be a premier living destination in Ellicott City.”
Orchard Meadows, the largest investment in CREC’s first real estate fund, was sold as the third asset from the fund’s seven-property portfolio.
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