299 multi-family residential units

In May 2021, Warren Private acquired a 299 apartment multi-family complex in Essex, Maryland, USA in conjunction with our US operating partner Dragone Realty Investments.

Built in 1967, the property comprises entirely of individual, terraced two storey townhouses on 19 acres. The grounds of the property contain a playground, walking trails and substantial landscaped areas.

The Property, which is located 11 miles from the centre of Baltimore and one hour from downtown Washington DC, enjoys direct access onto Hopkins Creek, an established fishing / boating / watersports facility which flows into Chesapeake Bay. There is 3m sq ft of retail, restaurant, and entertainment space within three miles of the Property. In addition, Gunpowder Falls State Park which is one of Maryland’s largest parks with 120 miles of forest walks / trails, a swimming beach and a marina, is located within a 15 minute drive.

Post acquisition, we are spending c.$6.7m in capital renovation works which will allow for a substantial upgrade of all units, communal areas and amenity spaces. These renovations and improvements have set the property apart from competing rental communities, and has allowed for higher and more stable rents to be achieved.

The investment period is three years, and projected returns are strong at a pre-tax IRR of c.20% and a pre-tax profit of c.80% of investors’ original investment amount.

Purchase Price: Confidential
Location: Maryland, USA
Investment Period: 3 years
Projected Annual Distributions: n/a
Projected Profit on Investments: c.80%