Apartment Community Commands $11.5M

GLEN BURNIE, MD-The Quarterfield Crossing apartment community has gotten a new owner with Harbor Group International’s recent $11.5 million disposition of the 203-unity property. Norfolk, VA-headquartered Harbor Group had held the building in its portfolio for the last five years. An unnamed investor based in the Annapolis, MD area was the buyer.

Located in a secluded suburban neighborhood on Pamela Rd., Quarterfield Crossing is a garden-style multi-family property that sits just outside of Baltimore off I-97. Harbor Group spent $2 million upgrading the complex after purchasing it for just over $5 million in 1998. “Quarterfield Crossing Apartments represents a tremendous success for Harbor Group International,” says company chairman and CEO Jordan Slone. “We implemented our comprehensive rehabilitation program and successfully executed our exit strategy.” Harbor Group’s renovations–which included the addition of a fitness center, leasing center and playground–have clearly caught the eye of residents; the property was 98% leased at the time of the transaction.