29 Feb 2016

BALTIMORE, MD (February 29, 2016) — Blue Ocean recently purchased The Courts at Nunnery Lane in Catonsville, MD. The Courts at Nunnery is a 93-unit, garden style apartment community. The community is made up exclusively of 2 bedroom apartments spread out over 23 separate entryways. The property is also improved by 11 garages that are leased separately from the apartments.

Blue Ocean endeavored to purchase The Courts at Nunnery because of the property’s tremendous potential. Neglected and mismanaged for many years, the property was ripe for Blue Ocean to take over, invest and rehabilitate. Planned improvements for the asset include new windows, exterior concrete steps, entry doors, common area flooring, kitchens, bathrooms, flooring, and more. Post renovation the property will be well positioned to compete with some of the best multi-family properties in Catonsville.

The property is nestled in a quiet neighborhood inside the Baltimore beltway. The neighborhood is characterized primarily by charming single family homes. Conveniently located close to I-695, I-95, the Social Security Administration headquarters and the Route 40 corridor, the property sits within close proximity to one of the largest retail and office submarkets in the Baltimore metropolitan area.

About Blue Ocean

Located in Baltimore, MD, Blue Ocean is active in syndicating, purchasing and managing commercial real estate assets in the multifamily, office, retail and industrial sectors. The company was founded in 2004. Since that time Blue Ocean has grown its portfolio to 45 properties valued at overs $300,000,000. The Blue Ocean portfolio consists of nearly 3,500 apartment homes and approximately 2,000,000 square feet of commercial space.