In partnership with Bethesda-based Somerset Companies, investment represents first endeavor in for-rent townhomes for St. John Properties

BALTIMORE, MD – A St. John Properties, Inc. led partnership has acquired 111 townhomes situated at 1827 Hidden Dale Road in Woodlawn within Baltimore County. The community, named The Villas at Patapsco Glen, is the Baltimore-based company’s first venture in the for-rent townhome asset class. The acquisition was a joint venture between St. John Properties and Bethesda-based Somerset Companies, LLC, a group engaged in the development of large mixed-use developments. Situated approximately one mile from St. John Properties’ corporate headquarters, the community was developed and formerly owned by Lennar Corporation. St. John Properties’ Alex Lyons, Assistant Vice President, Acquisitions represented the company in this purchase.

“Villas at Patapsco Glen is a newly developed townhome community where we see significant investment upside and an exciting opportunity to diversify our portfolio through this new asset class,” stated Sean Doordan, Senior Executive Vice President, Acquisitions and Growth for St. John Properties. “The limited inventory of for-rent townhomes in Baltimore County, combined with premium design features, strategic location, and strong demographics made this a compelling acquisition.”

Delivered last year, the Villas at Patapsco Glen consists of six model styles offering three- and four-bedroom layouts containing up to 2,727 square feet. Standard features include one- or two-car attached garages, modern kitchens with stainless-steel appliances and granite countertops, finished recreation rooms, and primary suites equipped with walk-in closets and a private bath. Community amenities feature a resort-style clubhouse suitable for gatherings, an outdoor pool, and fully equipped fitness center. The exterior grounds offer playgrounds and tot lots, two dog parks, green spaces, and walking and biking trails.

St. John Properties, through various joint venture partnerships, has investments in more than 3,000 residential units, including Aspen at Melford Town Center, a 388-unit multifamily community in Bowie, MD which was developed in partnership with Somerset Companies. The company has more than 1,500 multifamily units in its development pipeline, including Melford Mansions, also within Melford Town Center, and Aspen at Greenleigh within Greenleigh in Middle River, MD.

“St. John Properties and Somerset Companies have successfully partnered on multiple mixed-use communities, and Somerset’s team brings experience and intuitive approach to this asset class,” Doordan said. “Our companies complement each other extremely well and we approach investments with a similar mindset to develop best-in-class products.”

Neil Greenberg, Chief Operating Officer of Somerset Companies said that “favorable local fundamentals including a robust labor market, the lack of new for-rent townhomes being constructed, and the high cost to purchase a home make this an ideal time for this investment.”

The total timeline for this acquisition, encompassing project identification, due diligence and final closing, was less than four weeks. “This accelerated process is credited to our vertically integrated approach, and the lack of financial support needed to close this transaction,” Doordan said. “Our proven track record positions us as a preferred partner to sellers of a wide variety of real estate assets.”   
Founded in 1971, St. John Properties, Inc. is one of the nation’s largest and most successful privately held commercial real estate firms. The company is distinguished by its commitment to customer service, achievements in green building, and top-rated workplace culture. Throughout St. John Properties’ 55-year history, the company has developed more than 25 million square feet of flex/R&D, office, retail, warehouse space and has investments in over 3,000 residential units. The company proudly serves more than 2,700 clients in Colorado, Delaware, Florida, Louisiana, Maryland, Nevada, North Carolina, Pennsylvania, Tennessee, Texas, Virginia, Utah, and Wisconsin. For more information about the company, visit www.sjpi.com.