27 Jan 2014

Blue Ocean has acquired Millbrook Park Apartments in Pikesville, a 720-unit property that significantly expands the company’s multifamily portfolio.

Blue Ocean has been on something of an acquisition tear in recent months, snapping up the 28-story downtown office tower at 201 N. Charles St. for $19.7 million; buying Seoul Plaza at Security Square Mall and 8211 Town Center Drive in White Marsh for a combined $6.3 million; and purchasing the 105,000-square-foot former Ray’s Envelope Corp. warehouse in Baltimore County. All of the acquisitions occurred in the second half of 2013.

Blue Ocean President Jonathan Ehrenfeld said in a statement that the Millbrook Park Apartments’ close proximity to the company’s other multifamily holdings were key to the acquisition.

The complex is at 6808 Millbrook Park Drive and includes one-, two- and three-bedroom units in 73 buildings over 40 acres.

“With 13 other Blue Ocean communities within walking distance, Millbrook Park made a lot of sense for us,” Ehrenfeld said. “The Millbrook purchase underlines our commitment to Pikesville and our goal of having the core of our multi-family portfolio located within it.”

Blue Ocean declined to disclose the price paid for the property, which had been owned by Millbrook Associates of Beachwood, Ohio. State tax records show the property is assessed at $11.6 million.