© 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
© 2016 The Greysteel Company LLC. All rights reserved.
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
3 BDR/3 BA/Townhome 1,322 $2,836
• 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
UNIT TYPE SF ASKING RENT
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
UNIT TYPE SF ASKING RENT
1 BDR/1 BA 837 $1,550
2 BDR/1 BA 918 $1,750
2 BDR/2 BA 966 $1,842
2 BDR/2 BA/Townhome 1,093 $1,870
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
UNIT TYPE SF ASKING RENT
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
• Residents pay for all utilities
• Common area amenities include a fitness center,
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
UNIT TYPE SF ASKING RENT
1 BDR/1 BA 781 $1,340
2 BDR/1.5 BA 1,058 $1,560
2 BDR/2 BA 1,050 $1,650
• Residents pay a $30 application fee and a $500
security deposit
• Additional fees include a pet deposit of $250 and
pet rent of $35
• Residents pay for partial electric; property pays for
HVAC, water, and trash removal
• Common area amenities include a fitness center,
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
UNIT TYPE SF ASKING RENT
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
• Residents pay a $25 application fee and a $750
security deposit or non-refundable SureDeposit
of $131
• Additional fees include a pet deposit of $250 and
pet rent of $30
• Residents pay for all utilities
• 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
© 2016 The Greysteel Company LLC. All rights reserved.
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/Unit: $269,655
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/Unit: $144,231
Price/SF: $88.18
Seller: AIMCO
Buyer: Morgan Properties
Close Date: 4/29/16
Units: 634
Year Built: 1989
Price: $119,450,000
Price/Unit: $188,406
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/Unit: $189,394
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/Unit: $250,000
Price/SF: $196.13
Seller: McDowell Properties
Buyer: Stonebridge Investments
*Part of portfolio
*Part of portfolio
© 2016 The Greysteel Company LLC. All rights reserved.
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
P. 410.505.0003
FINANCEBrittany Wismer
Senior Finance Associate
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
P. 202.280.2730
© 2016 The Greysteel Company LLC. All rights reserved.