Mary­land apart­ment fo­lio ac­quired for $236 mil­lion

Baltimore Sun - - FROM PAGE ONE -

A set of rental com­mu­ni­ties in the Baltimore area has sold to Cal­i­for­nia in­vestors for $236 mil­lion, the buy­ers said Mon­day.

Funds man­aged by Ares Man­age­ment and its in­vest­ment part­ner TruAmer­ica Mul­ti­fam­ily pur­chased the 1,402-unit port­fo­lio, deep­en­ing the firms’ hold­ings on the East Coast. The deal fol­lows TruAmer­ica’s May ac­qui­si­tion of more than 1,000 units in the Baltimore area.

The port­fo­lio in­cludes Do­min­ion at Eden Brook and Do­min­ion Kings Place in Columbia; Lakeside Mill in Owings Mills; El­li­cott Grove in El­li­cott City; Ar­borview at River­side & Liri­ope in Bel­camp; and Do­min­ion Con­stant Friend­ship in Abingdon, the com­pa­nies said in a news re­lease.

The prop­er­ties, about half of which will be ren­o­vated, had been owned by af­fil­i­ates of UDR Inc., which an­nounced sales plans in its quar­terly earn­ings last month.

The Ares Real Es­tate Group, a divi­sion of Cal­i­for­nia-based Ares Man­age­ment, has ap­prox­i­mately $10.4 bil­lion in as­sets un­der man­age­ment across eq­uity and debt strate­gies. TruAmer­ica Mul­ti­fam­ily, founded in 2013, is also based in Cal­i­for­nia and man­ages a $6.6 bil­lion port­fo­lio, which in­cludes about 2,400 apart­ments in Mary-

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