Holly Oaks at 4800 Mantlewood Way in Aberdeen, Maryland — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A private investor from New Jersey has acquired a newly built 60-unit apartment complex in Maryland for $15.8 million, brokers with The Kislak Co. Inc. announced Monday.
In a news release, the Woodbridge-based brokerage firm said Executive Vice President Barry Waisbrod and Senior Vice President Matt Wolf represented the seller in the transaction at 4800 Mantlewood Way in Aberdeen. Kislak President Robert Holland procured the buyer, noting that the investor completed the deal as part of a 1031 like-kind exchange.
The brokers worked alongside W. Duncan Patterson of Patterson Woods & Associates LLC.
“The seller, an active developer in the area, wanted to market the property throughout the Mid-Atlantic and particularly to New Jersey-based investors,” Waisbrod said. “Given our established relationship, he engaged Kislak as the exclusive broker to market sane sell the property.”
Wolf added: “The property traded at a record price per unit for the area given our marketing efforts.”
Known as Holly Oaks, the five-building, garden-style complex includes two- and three-bedroom units of that are 1,100 to 1,400 square feet each, according to a news release. Residents are a short drive from Bel Air and Havre De Grace, Maryland, as well as Interstate 95, giving them easy access to a host of amenities and destinations in the region.
“Since Kislak was engaged as the seller’s exclusive broker, we were able to produce multiple offers and obtain the highest and best price,” Holland said. “The all-cash buyer, whose offer was not contingent upon financing even though they obtained a loan, closed in a relatively short period of time.”
