SALISBURY — University students and hospital employees are a marketing point for a California-based real estate services firm advertising two apartment complexes in the city worth over $15 million.
The 144-unit Brittingham Square, at 1500 Sharen Drive on Salisbury’s suburban east side, could be an option for students enrolled at Salisbury University in Salisbury, where an estimated 21 percent of its 8,200 students live on campus, according to real estate firm, CB Richard Ellis.
“Designated as a growth institution, enrollment continues to expand, and the property is well-positioned as a beneficiary of this increasing rental base,” reads a description by CBRE, referencing SU enrollment.
Greens at Schumaker Pond at 701 College Lane in Salisbury is a 168-unit garden apartment complex in a suburban setting.
A description of complex also names SU as a “major economic driver” and Peninsula Regional Medical Center as “the largest employer in the region” and “sixth largest medical center in Maryland.”
The city of Salisbury is described by CBRE as the 55th “hottest small city” and one of the “100 Best Communities for Young People.”
Brittingham Square has a swimming pool, volleyball and tennis courts and a fitness center. More than half of the complex’s apartment units are two bedrooms or more in a market “which has overarching demand for two-bedroom units,” the description also reads.
The real estate firm also underscores the logistical asset of the 54-bed Healthsouth Chesa-peake Rehabilitation Hospital next door to Brittingham Square.
A spokeswoman at CBRE in Baltimore would not comment Wednesday about the properties, saying that “at the request of the seller, we cannot talk about the deal.”
UDR Inc., a real estate investment trust of Highlands Ranch, Col., is listed in Maryland tax records as the owner of both Brittingham Square and Greens Schumaker Pond. An attempt failed last week to reach Thomas Toomey, company president and chief executive officer.
According to corporate profiler Hoovers, an acquisitive real estate investment trust strategy is to increase a company’s presence in markets with strong job growth, but high single-family home prices.
UDR owns and operates more than 170 multi-family apartment communities with about 50,000 units, and through joint ventures, owns nearly 10,000 units, according to Hoovers.
Offers by CBRE to purchase the Salisbury properties are requested by Aug. 30.
Brittingham Square and Greens at Schumaker Pond, with a total 312 units, are valued over $15 million, according to tax records. Brittingham Square, built in 1990 on just over 12 acres, is valued at $6.9 million, records state.
Greens at Schumaker Pond, built in 1988 on almost 13 acres, is valued at $8.2 million, records also show.
Article source: http://www.delmarvanow.com/article/20110814/BUSINESS/108140319