Bayshore Landing is an institutional quality asset built in 1984 located in the strong Annapolis, MD submarket. The property was acquired in a 3-property portfolio in suburban Maryland and was TruAmerica’s first investment east of Denver. The Mid-Atlantic region is viewed by many investors as an opportunistic play, identified as one of the few remaining major markets yet to have experience the strong recovery rent growth that many of the other major markets have enjoyed within the last 24-36 months. The primary business plan for Bayshore Landing is to increase rents by improving the property’s unit interiors and making strategic, accretive common-area amenity upgrades. The Seller recently put in place a modest interior renovation program in which TruAmerica intends to complete, whilst instituting strategic updates to previously renovated units. TruAmerica plans to continue the full interior upgrades, and update previously renovated units to include vinyl flooring throughout, artisan backsplashes and improved blinds and make strategic, accretive common area and amenity upgrades.
Bayshore Landing is a 158-unit property ideally situated along Spa Road, a main arterial in the Annapolis submarket. The property is two and a half miles from I-50, which connects Annapolis to Washington, DC thirty miles west. As the State Capital of Maryland and the county seat of Anne Arundel County, Annapolis enjoys a rich history and provides a wide array of employment opportunities in the government, office, defense technology, and educational sectors. Unit amenities include vinyl flooring, faux stainless steel appliances, in-home washer/dryer, granite countertops, private patios or balconies, fireplaces, and backsplash.