Berkadia Completes Sale of Multifamily Property in Maryland
WASHINGTON D.C. – July 13, 2022 – Berkadia Institutional Solutions announced today the sale of Echelon at Odenton, a 244-unit multifamily housing property located in Odenton, Maryland. Senior Managing Directors Walter Coker and Brian Crivella and Director Bill Gribbin of Berkadia D.C. Metro Investment Sales completed the sale on behalf of the seller, a real estate fund advised by Dallas-based Crow Holdings Capital. The buyer was Hamilton Zanze and the deal closed on June 28.
“This was a great execution by Hamilton Zanze,” said Coker. “We are very grateful for Crow Holdings trusting us with this assignment and are happy to have been part of a successful sale.”
Echelon at Odenton is a Class-A multifamily community located in Odenton, Maryland, the closest community to the entrance of Fort Meade, Maryland’s largest employer. A consistent outperformer since its delivery in 2016, Echelon at Odenton showed remarkable strength through the recent COVID-19 pandemic, achieving increases in occupancy and rental rate throughout. Furthermore, with no new supply on the horizon and strong occupancies throughout the submarket, the asset has achieved very strong rent growth. Residents are afforded convenient access to the shops and restaurants near Patuxent Freeway and Annapolis Road.