Sherwood Crossing is a large institutional quality property built in 1988. 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. Sherwood Crossing represents a true and proven value-add opportunity as the previous owner has renovated approximately 46% of the units that have achieved significant renovation premiums. TruAmerica plans to update the previously renovated units to include vinyl flooring throughout and improved blinds, upgrade the remaining units at a higher renovation scope than the previous owner’s renovation program, and make strategic, accretive common area and amenity upgrades.
A 634-unit property that enjoys excellent connectivity to the entire Washington, DC and Baltimore region as it is located along I-95. The Property’s location is central to the Baltimore/Washington, DC Corridor which allows residents convenient access to not only the major employment centers of Baltimore and Washington, DC, but also to major employers located in the immediate area who employ nearly 95,000 individuals. Unit amenities include vinyl flooring, faux stainless steel appliances, in-home washer/dryer, granite countertops, private patios or balconies, and backsplash.