Annapolis Apartment Complex Sells For $154M; Owners Change Name

Annapolis MD

15 June, 2021

5:15 PM

Description

ANNAPOLIS, MD — Watergate Pointe, a waterfront Annapolis apartment complex, sold for $154 million. Transwestern Real Estate Services announced its sale, which equates to $253,290 per unit, last Thursday. TPG Real Estate and The Bainbridge Companies bought the Eastport community from Castle Lanterra Properties. The new owners renamed the facility "Nautilus Point," the Capital Gazette reported. The landlord's website reflects the switch. "Watergate Pointe is an irreplaceable property in a strong multifamily market," Transwestern's Dean Sigmon said in a press release. "With superior amenities and a prime location near historic downtown Annapolis, conveniently accessible by water taxi directly from the property, the community is poised for continued growth." The 31.2-acre property sits on Back Creek. It is home to 608 units spread between 13 garden-style buildings on Americana Drive. A 160-slip marina also lies on site. "The property is well-positioned to capture significant upside through rent increases, which can be achieved by continuing to implement an interior renovation program, and through improved management of the marina to maximize its value," Transwestern's Robin Williams added in the release. Nautilus Point currently rents its high-end apartments for an average of $2,155 per month. Subscribe to your local Patch newsletter. Download our mobile application from the App Store or Google Play. Have a story idea? Please contact me at [email protected] with any pitches, tips or questions. Follow me on Twitter @JacobBaumgart and on Facebook @JacobBaumgartJournalist to stay up-to-date with the latest Anne Arundel County and Prince George's County news.