255-Unit Luxury Apartment Complex Hits the Market in Suburban Baltimore

  PIKESVILLE, MD–Institutional Property Advisors (IPA), a recently formed multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has received the exclusive listing for The Residences at Waterstone (top left photo).

The 370,436-square foot multifamily community, located along the dynamic Reisterstown Road corridor in Pikesville, is being offered as an open bid.

Will Balthrope (middle right photo), an IPA senior director, Lindsay Allen (middle left photo), an IPA director, and Ari Firoozabadi (lower right photo), a vice president investments in Marcus & Millichap’s Washington, D.C. office, are representing the seller, Pacific Urban Residential. IPA is a division of Marcus & Millichap Real Estate Investment Services.

“The Residences at Waterstone is an excellent opportunity for an investor to purchase a best-in-class asset with a history of strong occupancies and steadily increasing revenues in a submarket with limited competition,” says Balthrope.

“The property provides its residents with excellent mobility in a strategic location with proximity to the area’s major employers, retail centers and major transportation thoroughfares,” adds Allen.

 “Future demand drivers in the immediate area are expected to provide stable job growth, assuring job creation and strong housing demand for years to come,” concludes Firoozabadi. “The Residences at Waterstone offers investors long-term stability, strong rent growth potential and excellent value appreciation.”

Built in 2002 on 25 acres, the property is located at 225 Galvariun Court in Pikesville. Interstate 695, the corridor that allows direct access to Interstate 795, is one mile south of the property along Maryland State Route 140, Reisterstown Road.

The Interstate 695 corridor provides access to the Baltimore/Washington International Thurgood Marshall Airport and direct access into downtown Baltimore. Baltimore has a convenient and up-to-date subway system with two stations conveniently located in Pikesville.

The Residences at Waterstone features condominium-quality, individually parceled, townhome-style units. Each unit includes an attached garage and private entrance with select units offering wooded and park-like views.

 Contact: Stacey Corso, Public Relations Manager, (925) 953-1716