SAVAGE, MD – February 03, 2020 – Blue Ocean, the Maryland-based real estate firm, has expanded its footprint into Howard County, Maryland, acquiring The River Front Apartments in Savage, MD. This 144-unit, waterfront and gated, residential community is centrally located in Howard County only a few miles from Downtown Columbia and providing residents immediate access to Washington, D.C., Baltimore, Annapolis and Northern Virginia.
The purchase of The River Front Apartments is reflective of Blue Ocean’s long-term strategy to acquire real estate in Class A locations that provide tangible opportunities to create or add value for its Investors.
Blue Ocean identified The River Front Apartments as a rare opportunity to acquire an extremely well-built and irreplaceably located asset. The Property sits along the banks of the Little Patuxent River and is only steps from the Historic Savage Mill Shops & Dining. Although plans to improve the property are preliminary at this time, Blue Ocean intends to make meaningful quality of life improvements across the property. These investments will make this asset a premier residential apartment community.
Jonathan Ehrenfeld, President and CEO of Blue Ocean, stated “As Real Estate investors, we work tirelessly to identify high quality opportunities, with value-add elements, that are also exceptionally located. The River Front Apartments checks all of the boxes for us. I’m extremely proud of our team and equally thrilled to expand the Blue Ocean portfolio into Howard County.”
The Seller was represented by Transwestern Mid-Atlantic Multifamily Group of Dean Sigmon, Robin Williams, Justin Shay and Michael D’Amelio.