service. success. perfected. · mall, merriweather post pavilion, and howard community college,...

© 2016 The Greysteel Company LLC. All rights reserved.

Loosely bounded by Clarksville Pike (MD 108) and the Patuxent Freeway

(MD 32), Columbia, Maryland is a planned community comprised of 10

self-contained villages that channel James Rouse’s vision of a small-town

hamlet. Initially built to promote unity and social engagement, Columbia

has developed into one of the most inclusive areas in Maryland boasting

social and economic diversity with a mix of apartments, subsidized housing,

and single family homes in each of its neighborhoods. The area is easily

accessible by car and via public transportation through RTA Maryland

which offers 15 bus routes, 12 of which meet at The Mall in Columbia. Main

corridors of transportation include Columbia Pike (US 29), Little Patuxent

Parkway (MD 175), and various other roads which link the neighborhoods

to one another. Baltimore/Washington International Thurgood Marshall

Airport is 15 minutes away and is the busiest, by passenger count, of the

three major airports in the area.

Approaching 50 years since its inception, Columbia has developed into

a thriving suburb with over 100,000 residents and an unemployment rate

of 3.5%. It has been selected by Money Magazine as America’s No. 1 best

place to live for 2016 and ranked in the top 5% of the 823 places surveyed for

job growth and economic opportunity. Area schools are ranked amongst

the best in the state, while median income recently surpassed $100,000,

and median home values have risen over $300,000. Growth continues at

Fort Meade with the NSA continuing to add approximately 800 personnel

a year, collectively representing a $26 billion economic impact on the

state. Other major employers headquartered in Columbia include, W.R.

Grace and Company, Integral Systems, Sourcefire, and MICROS systems

which is now owned by the Oracle Corporation.

Located in the heart of Columbia, Maryland, Town Center is the last of the

ten master planned communities to be developed. Home to the Columbia

Mall, Merriweather Post Pavilion, and Howard Community College, this

downtown destination is quickly evolving to capture an urban city feel

while preserving the comfort of a neighborhood. The mall features anchors

such as AMC Columbia 14, Nordstrom, Lord and Taylor, and Sears while

Maryland’s first Wholefoods is located just across the street. Upcoming

developments include Little Patuxent Square, a nine-floor building

designed to meet LEED Gold specifications which will provide more

than 140,000 square feet of office and retail space as well as 160 luxury

apartment units. The Merriweather District, a 68-acre project, is set to be

the next phase of development for Downtown Columbia, overseen by the

Howard Hughes Corporation. The first office building is near completion

at 200,000 square feet and will have MedStar as its primarily tenant. Two

Merriweather, a 130,000-square-foot building is expected to open in the

fall of next year and will bring the area closer to fulfilling James Rousse’s

vision of “A City in a Garden.”

Spotlight on Columbia, Maryland | Multifamily December 2016

Service. Success. Perfected.

Howard Community College

Merriweather Post Pavillion


Spotlight | Rent Comparables December 2016

No. Units 380

Occupancy 92%

Year Built 2015

Managed by Kettler

No. Units 200

Occupancy 90%

Year Built 1999

Managed by Fieldstone Properties

No. Units 170

Occupancy 93%

Year Built 1990

Managed by Gables Residential

No. Units 191

Occupancy 95%

Year Built 1986

Managed by ZRS Management

No. Units 172

Occupancy 89%

Year Built 1986

Managed by Klingbeil Capital Management

No. Units 316

Occupancy 91%

Year Built 1969

Managed by Berkshire Communities

THE METROPOLITAN DOWNTOWN COLUMBIA1000 Town Center AvenueColumbia, MD 21044

UNIT TYPE SF ASKING RENT

1 BDR/1 BA 769 $1,615

1 BDR/1 BA/Den 926 $1,798

1 BDR/1 BA/Townhome 1,029 $2,082

2 BDR/1.75 BA 1,121 $2,300

2 BDR/2BA/Townhome 955 $2,777


• Residents pay a $35 application fee and a $500 security deposit

• Additional fees include a pet deposit of $300 and pet rent of $50

• Residents pay for electric and water; property pays for trash removal

• Common area amenities include a fitness center, clubhouse, swimming pool, and cookout area

• Unit amenities include hardwood floors, quartz countertops , stainless steel appliances, and a private balcony/patio

STONEHAVEN7030 Gentle Shade RoadColumbia, MD 21046


1 BDR/1 BA 757 $1,590

2 BDR/2 BA 990 $1,699

3 BDR/2 BA 1,150 $2,100

• Residents pay a $35 application fee, a $250 security

deposit, and a $160 move-in fee

• Additional fees include a pet deposit of $250 and

pet rent of $35

• Residents pay for all utilities

• Common area amenities include a swimming pool,

fitness center, tennis courts, and a playground

• Unit amenities include a washer/dryer, granite

countertops, wood-look vinyl flooring, maple

cabinetry, and CleanSteel appliancess

ASHTON GREEN5320 Cedar LaneColumbia, MD 21044


1 BDR/1 BA 837 $1,550

2 BDR/1 BA 918 $1,750

2 BDR/2 BA 966 $1,842


3 BDR/2 BA/Townhouse 1,390 $2,185

• Residents pay a $25 application fee and a $500

security deposit

• Additional fees include a non-refundable pet deposit

of $250 and pet rent of $50

• Residents pay for electric and water; property pays

for trash removal

• Common area amenities include a fitness center,

business center, clubhouse, and swimming pool

• Unit amenities include a washer/dryer, high ceilings,

a fireplace, and private balcony/patio

POPULAR GLEN11670 Little Patuxent ParkwayColumbia, MD 21044


1 BDR/1 BA 763 $1,474

2 BDR/1.5 BA 1,060 $1,585

2 BDR/2 BA 1,160 $1,692

• Residents pay a $25 application fee and a security

deposit ranging from $500 up to one month’s rent

or a SureDeposit of $87.50

• Additional fees include a pet deposit up to $450 and

pet rent of $40 per pet for a maximum of two pets



business center, clubhouse, and walking trails

• Unit amenities include hardwood floors, a washer/dryer,

fireplace, and large bay windows

HUNTINGTON SQUARE9705 Clocktower LaneColumbia MD 21046


1 BDR/1 BA 781 $1,340

2 BDR/1.5 BA 1,058 $1,560

2 BDR/2 BA 1,050 $1,650


security deposit


pet rent of $35

• Residents pay for partial electric; property pays for

HVAC, water, and trash removal


business center, clubhouse, and jogging paths

• Unit amenities include a washer/dryer, fully equipped

kitchens with steel appliances, a private balcony/patio,

and in select units, a fireplace

THE BERKSHIRES OF COLUMBIA5361 Brook WayColumbia, MD 21044


1 BDR/1 BA 725 $1,176

2 BDR/1 BA 919 $1,333

2 BDR/2 BA 966 $1,518

3 BDR/2 BA 1,152 $1,851

3 BDR/ 2.5 BA/Townhouse 1,282 $2,177

4 BDR/ 2.5 BA/Townhouse 1,835 $2,426

5 BDR/ 2.5 BA/Townhouse 1,835 $2,256


security deposit or non-refundable SureDeposit

of $131


pet rent of $30


• Common area amenities include on-site laundry

facilities, a cookout area, and playground

• Unit amenities include a washer/dryer, wall-to-wall

carpeting, and a private balcony/patio


The report below features a sampling of properties sold within the last eight months in Howard County. Please note the different locations and adjust comparisons accordingly. Also note that sales comparables provide a snapshot of recent transactions and are not a perfect predictor of future market movement and behavior.

Spotlight | Sales Comparables December 2016

GRAND POINTE APARTMENTS5764 Stevens Forest Road

Columbia, MD 21045

SHERWOOD CROSSING APARTMENTS6731 Old Waterloo Road

Elkridge, MD 21075

BEECH’S FARM7260 Eden Brook Drive

Columbia, MD 21046

ALISTER TOWN CENTER COLUMBIA5331 Columbia Road

Columbia, MD 21044

GATEWAY VILLAGE APARTMENTS9978 Guilford Road

Jessup, MD 20794

AT COLUMBIA OVERLOOK

BROKER OPINION OF VALUEPREPARED FOR

CHESAPEAKE REALTY PARTNERS

PARAGON AT COLUMBIA OVERLOOK8151 Robinson Jefferson Drive

Elkridge, MD 21075

Close Date: 10/18/16

Units: 176

Year Built: 1987

Price: $35,500,000

Price/Unit: $201,704

Price/SF: $132.24

Seller: McDowell Properties

Buyer:Mill Creek Residential Trust LLC

Close Date: 8/1/16

Units: 320

Year Built: 2014

Price: $86,289,672


Price/SF: $220.69

Seller: Chesapeake Realty Partners

Buyer: Private Owner

Close Date: 6/29/16

Units: 325

Year Built: 1972

Price: $46,875,000


Price/SF: $88.18

Seller: AIMCO

Buyer: Morgan Properties

Close Date: 4/29/16

Units: 634

Year Built: 1989

Price: $119,450,000


Price/SF: $205.33

Seller:Klingbeil Capital Management LLC

Buyer: TruAmerica Multifamily LLC

Close Date: 7/8/16

Units: 132

Year Built: 1989

Price: $25,000,000


Price/SF: $181

Seller: Hudson Americas, LP

Buyer:Howard County Housing Commission

Close Date: 9/15/16

Units: 102

Year Built: 1985

Price: $25,500,000


Price/SF: $196.13

Seller: McDowell Properties

Buyer: Stonebridge Investments

*Part of portfolio

*Part of portfolio


REMINGTON VILLAGE2530 MARYLAND AVENUEBALTIMORE, MD 21218

AVAILABLE

Spotlight | Exclusive Offering December 2016

INVESTMENT HIGHLIGHTS

• Below-market rents on the border of Remington and Charles Village

• Residents pay all utilities via Ratio Utility Billing System (RUBS)

• Large units with significant natural light

LOCATION HIGHLIGHTS

• Rapidly developing Remington location

• Near transformative development and retail including Remington Row, Charmington’s, Parts and Labor, and the Single Carrot Theatre

• Walk Score of 91 and Bike Score of 89

inve

1777 Reisterstown Road, Suite 206

Pikesville, MD 21208

P. 410.505.0003

MD License No: 636050

SALESAri Azarbarzin

Investment Associate

[email protected]

P. 410.505.0003

FINANCEBrittany Wismer

Senior Finance Associate

[email protected]

P. 202.280.2826

DEBT & STRUCTURED FINANCE TRANSACTION SERVICES

Brendan ScanlonSenior Director

Ari Firoozabadi*Co-Founder

Duerk BrewerManaging Director

Yassi FarzanehDirector Corporate Services

Andy StiefMarketing Director

Mark BittenbenderDirector

Jared EmeryLead Research Analyst

Max GrossSenior Analyst

Anne Elizabeth MartinTransaction Coordinator

Sarah CornejoSenior Designer

*For more information or to inquire about Greysteel, please contact Ari Firoozabadi, Co-Founder ([email protected] | 202.417.3873)

**Corporate Headquarters and Transaction Services Center

Los Angeles Washington, D.C.** Baltimore Philadelphia Dallas Fort Worth Norfolk

W. Kyle Tangney

Senior Director

[email protected]

P. 202.280.2730


service. success. perfected. · mall, merriweather post pavilion, and howard community college,...

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