Sentinel has announced the acquisition of a mixed-use property in Frederick, Maryland for $99.5 million on behalf of its flagship Sentinel Real Estate Fund. The 375,128-square-foot, Class A asset located just 35 miles northwest of downtown Washington, DC contains 352 multifamily units and 12,658 square feet of commercial space.
The acquisition of Urban Green gives Sentinel ownership of a well-located asset in a top-performing market defined by strong employment and demographic fundamentals. Completed in 2016, Urban Green is situated on 23 acres at the corner of Fingerboard Road and Urbana Pike, close to I-270 and I-70, as well as high-quality school systems and the region’s largest employers including Frederick Health, GlaxoSmithKline, Abbott, Fannie Mae and the Social Security Administration.
“Younger renters are increasingly turning to Frederick as rapidly increasing home prices and rental rates continue to push them out of many Washington suburbs, and they like this area in particular for its livability and ease of access to major employment centers in Washington, D.C. and Montgomery County,” said Michael Streicker, President of Sentinel. “What’s more, the Frederick County Public School system is highly attractive to young families seeking a top-tier education with a more affordable cost of living. Urbana Elementary School is the best in the region, ranking 10 out of 10 on Great Schools, and Urbana High School features the only International Baccalaureate program in the county.”
Urban Green’s garden-style apartments feature high-end finishes including wood-style flooring, stainless steel appliances, goose neck faucets, grey-flecked granite countertops, dark wood shaker cabinetry and in-unit washers and dryers. Select units include fireplaces, walk-in closets, or private balconies or patios. These finishes are complemented by a comprehensive suite of amenities including a state-of-the-art fitness center, a luxurious clubroom, a resort-style pool with sun deck, grilling stations with a pizza oven, a theatre room and a business center. The site offers ample green space with walking paths and a dog park.
Over its 51-year history, Sentinel has acquired a national portfolio of multifamily real estate on behalf of domestic and international institutions, including a large concentration of assets in the Mid-Atlantic. The firm will continue to leverage its market expertise and deep industry relationships to identify attractive investment opportunities throughout the region.
Visit the property’s website at https://www.urbangreenapartments.com