We are pleased to announce the successful closing of a joint venture with Matador Capital Management and Riverbend Investments for the fee simple interest of Caroline Drive Apartments a 58 unit apartment community in La Plata, MD.
- (Established in a tranquil, residential neighborhood close to downtown La Plata, MD. Convenient to Rt. 301, major shopping, and other businesses.)
This joint venture closed on October 13, 2021, there are significant capital expenditures (already funded) planned for the property as we are prepared to renovate and re-lease 100% of the units over the next several years.
Beyond the significant interior renovation program, there will be property enhancements to the amenity packages, signage, storage rooms, roofs, repaving of all parking areas, and improvements to the overall curb appeal. Additionally, there are tremendous opportunities to enhance the management and leasing operations at the property.
We at Blackstone Management look forward to working with our investment partners and tenants over the life of this investment and hope to continue our successful ventures together.
