Klein Enterprises closes sale of The Townes At Mill Run Apartments in Maryland
OWNINGS MILLS, MD — Baltimore-based developer Klein Enterprises is pleased to announce the sale of the Townes at Mill Run Apartments for approximately $28 million, representing a five percent cap rate on in place income. Located at 629 Wilbur Square in Owings Mills, the apartment community was developed by Klein Enterprises in 2014 and consists of 108 class A two- and three-bedroom mainly two-story apartment units offering residents a full suite of amenities in a strategic location. The disposition was completed as part of Klein’s ongoing strategy towards portfolio optimization, which includes opportunistically selling assets in order to redeploy proceeds into higher growth markets through tax deferred 1031 exchanges. The company is actively underwriting several replacement candidates, with a focus on both asset class and geographic diversification. Klein has successfully completed seven exchanges in the past 24 months, consistent with the company’s strategy to further strengthen its asset base and generate a blend of current yield and longer-term equity appreciation for its partners. JLL brokered the sale of The Townes at Mill Run Apartments.