Dulaney Crescent
Towson, MD

Core Plus Apartment Investment
264-unit luxury apartment complex
Fund VI

Property Description

A 264-unit, luxury apartment complex in Towson, MD acquired for $42M ($159K/unit) in October 2004.
Built in 2002, the property is a high quality Class A apartment community and was 95% leased at acquisition.
Located in a solid market with a strong demand driver in Towson University.
Purchased at a substantial discount to market pricing reflective of an unfavorable loan structure. The value of the property increased over time as a pre-payment penalty substantially declined over the course of ownership.

With competitive product expected to increase and with pricing for core multifamily assets increasing dramatically, NBF positioned the asset for sale.
The property went under contract in late 2007 and was sold for $56.1M ($212.5K/unit) in March 2008, generating a 31% return on investment vs. original projections of 14%.