Catonsville, MD – Ivy Crossing Apartments (f.k.a. The Courts at Nunnery Lane), a 93-unit community located in Baltimore County, was successfully sold by Blue Ocean on June 12, 2018 for $7,935,000.00.
The property was originally purchased in January 2016 for $5,250,000. Since 2016, Blue Ocean has heavily invested into the property including a complete renovation of the exteriors as well as addressing half of the community’s interiors. According to Evan Gallant, Director of Investments, “Over the last two and half years, Blue Ocean has meaningfully and thoughtfully improved the residents’ quality of life at Ivy Crossing. By creating more modern and inviting interior spaces, as well as improving the aesthetics on the exterior of the community, Blue Ocean has breathed new life into an older vintage asset. The results of our team’s hard work came to fruition over the last 12 months, where we saw occupancy dramatically improve as well as a vast improvement in resident satisfaction.”
With this sale, Blue Ocean will be able to continue the rapid growth of its multifamily portfolio in Maryland by reallocating management and resources to other assets.
About Blue Ocean:
Blue Ocean is a property management company in Baltimore, MD that is active in syndicating, purchasing and managing investment grade 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 35 properties valued at over $400,000,000. The Blue Ocean portfolio consists of approximately 3,700 apartment homes and 2,000,000 square feet of commercial space.