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The Sale of Three Multi-family Projects
18 Jan 2017

BALTIMORE, MD — With the recent successful sales of three multi-family projects, Blue Ocean has continued to implement its strategy of selling some of their older, none-core properties. Specifically, in recent months Blue Ocean sold Parkside Manor, Symphony Homes at Purdue Gardens, and Belvieu Gardens. In completing these sales Blue Ocean has been able to reallocate resources to other larger and more recent projects in their portfolio. This will allow the company to continue to the robust growth that it has experienced since its founding in 2004.

Founder and President, Jonathan Ehrenfeld, is excited with the direction Blue Ocean is heading and has stated, “Our goal now is to keep moving toward more substantial real estate properties, continuing to balance our portfolio. These sales demonstrate the initiative Blue Ocean is taking in a strong market to better develop our existing portfolio and prepare us for upcoming acquisition opportunities that may present themselves.”

Parkside Manor is 45-unit complex built in 1926 offering modern 1, 2 and 3 bedroom apartment homes. Parkside was sold in June of 2016. Symphony Homes at Purdue Gardens is a 43-unit property built around 1950 and offers one and two-bedroom garden apartments. This development was sold in November of 2016. Belvieu Gardens is a 42-unit complex built in 1978 offering one and two-bedroom apartments. Belvieu as well was sold in November of 2016.

About Blue Ocean

Located in Baltimore, Blue Ocean Realty 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 over $300,000,000. The Blue Ocean portfolio consists of nearly 3,500 apartment homes and approximately 2,000,000 square feet of commercial space.