The 240-unit multifamily community is located in the seventh wealthiest county in the U.S.
Columbus, OH, February 13, 2024 – CREC Real Estate, LLC (“CREC”), a private equity real estate investment firm, today announced the sale of Orchard Meadows Apartments (“Orchard Meadows”), a 240-unit multifamily community located in Ellicott City, Maryland. Terms of the transaction were not disclosed.
CREC’s investment in Orchard Meadows was the largest investment made by CREC’s first real estate fund. The sale of Orchard Meadows represented the third sale from the seven real estate investments made by the fund.
“We acquired Orchard Meadows in 2018, completing upscale renovations and strengthening the property’s operational performance during our hold period,” said Aaron Dixon, President at CREC. “We are excited to begin 2024 with the sale of Orchard Meadows on behalf of our investors, and are confident the property will continue to be a premier living destination in Ellicott City.”
Orchard Meadows was built in two phases, first in 1998 with 96 two-bedroom garden units followed by the addition of 144 one- and two-bedroom units in 2012, all with nine- to ten-foot ceilings. Select units have been renovated with stainless steel appliances, modern cabinetry, granite countertops, tile backsplash, smart home devices, vinyl hardwood plank flooring and individual full-sized washers and dryers. The property features extensive community amenities, including a swimming pool; outdoor entertainment area with a TV, foosball and fire pit; fitness center; outdoor grilling area; playground and dog park; Amazon HUB packaging locker and surface lot parking. The property is surrounded by a high-end neighborhood of single-family homes and condos.
Ellicott City is an upper-class neighborhood located in Howard County, the seventh wealthiest county in the U.S. It is home to major employers including the Fort George G. Meade army base, the National Security Agency, U.S. Cyber Command, Johns Hopkins Applied Physics Lab and the nearby Social Security Administration and the Centers for Medicare and Medicaid, collectively employing nearly 16,000 people. Additionally, Ellicott City’s Historic District features over eighty shops for a wide variety of dining and retail options, as well as local community events and festivals.
Downtown Columbia also sits six miles from Orchard Meadows, which recently received a $1B investment to add 4.3 million square-feet of new office and 1.25 million square-feet of new retail space to the already sought-after market. Connecting Orchard Meadows to the broader Baltimore-Washington D.C. corridor are major roadways such as I-70, I-95, US-Route 29 and US-Route 40.