4/28/2008

CB Richard Ellis sells Maryland apartments

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Dulaney Crescent Apartments

United Dominion Realty has purchased the Dulaney Crescent Apartments in Towson, Md., from Boston, Mass.-based New Boston Fund, Inc..

William Roohan and Michael Muldowney of CB Richard Ellis brokered the deal on behalf of New Boston.

The four-story apartment complex is located at 20 Lambourne Rd. and contains 264 units and a six-story, 454-car garage. Built in 2003, the apartments are located eight miles north of Baltimore and were over 98 percent occupied at the time of sale. New Boston acquired the apartments in 2004 and sold them on behalf of its Fund VI.

Roohan, a vice chairman with CB Richard Ellis, has been with the company since 1984. He is a former senior consultant with KPMG Peat Marwick and specializes in apartment/investment transactions across the Eastern Seaboard.

Muldowney is an executive VP with CB Richard Ellis and joined the firm in 1996 as a specialist in multi-housing property sales in Maryland and suburban Washington, D.C. Prior to joining the company, he practiced law as a surety claim attorney for the United State Fidelity and Guaranty Co. in Baltimore.

Address: 20 Lambourne Rd., Towson, Md.

Size: 264 units

Built: 2003

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Filed Under: Multi-Family

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