Cumberland County apartment complex part of $137.5M portfolio sale
A Cumberland County apartment complex overlooking the Susquehanna River was recently sold as part of a $137.5 million portfolio deal.
Broadtree Residential Inc., a private real estate investment trust managed by New York-based Broadstone Real Estate, purchased The Overlook in East Pennsboro Township, along with two other high-end apartment communities in Baltimore.
The portfolio deal closed at the end of July. The multifamily properties were sold by affiliates of Maryland-based Chesapeake Realty Partners.
The three properties total 633 residential units and two commercial units. That includes 288 apartments at The Overlook, which was built in 2014 off Erford Road.
The West Shore community, which overlooks the Susquehanna River, includes a mix of one- and two-bedroom apartments. The community is comprised of six four-story apartment buildings.
Community amenities include a 5,000-square-foot clubhouse with fire pit and business center, a resort-style saltwater swimming pool and a fitness center with yoga studio. The Overlook was valued at nearly $22.5 million, according to county realty transfer tax data.
The other two properties are 1901 S. Charles and 2 East Wells in Baltimore, both built to LEED Gold standards. The latter complex includes two ground-floor retail spaces that are occupied by the Baltimore Soup Company and Minnow, a high-end seafood restaurant.
All three properties in the portfolio are managed by WPM Real Estate Management, a Baltimore-based property management firm.