Goldstar Group acquires Shelter Cove Apartments, 300-unit multi-family building in Odenton, MD for $43 million

The Goldstar Group has announced the acquisition of Shelter Cove Apartments,  a  residential building, containing 300 multi-family residential units in the Odenton section of Anne Arundel County, Maryland for approximately $43 million. The transaction was capitalized with private equity, arranged by Clifford Mendelson of Metropolis Capital Finance, as well as Freddie Mac debt, arranged by Adam Randall of Berkeley Point Capital. Robin Williams and Dean Sigmon of Transwestern brokered the transaction on behalf of the seller.

            Located at 537 Tranquil Court, the property is located approximately three miles from the entrance of Ft. George M. Meade, and is adjacent to intersections of MD Routes 32 and 175. Residential units are available in one, two and three bedroom designs ranging from 705 to 1080 square feet of space. Amenities contained with the building include a resident clubhouse, outdoor swimming pool, 24-hour Fitness Center, children’s playground and tennis courts. The project is approximately 15 miles from Annapolis, 20 miles from Baltimore and 30 miles from Washington, D.C.

            Fort Meade is the nation’s fourth-largest military base and home to the National Security Agency (NSA), the U.S. Army Cyber Command and other key government security installations. Approximately 56,000 employees work at Fort Meade on a daily basis and more than 100,000 people seeks the services of the army base each day. 

            The Goldstar Group intends to continue with the on-going interior renovation of approximately 200 units within Shelter Cove Apartments, in a sequential program that will commence immediately and will conclude in approximately three years.

“Ft. Meade continues to be the beneficiary of new or expanded government programs, which translates to new jobs and the on-going requirement for quality housing,” stated Eric May, Partner at The Goldstar Group. “Our team identified this asset as a strong value-add opportunity when it was brought to market. Purchased below replacement cost, the asset is expected to achieve significantly higher returns upon the completion of the renovation package.”

The Goldstar Group is a privately-held firm strategically focused on commercial real estate investments and services on behalf of its clients and principals. Primarily focused in the Washington DC metropolitan area, Goldstar’s core capabilities include acquisitions, development, asset and property management, advisory services and capital markets transactions. Founded in 1995, Goldstar has more than 19 years of experience investing, developing and managing all classes of real estate and financial products on behalf of our clients. For additional information visit www.TheGoldStarGroup.com