Transwestern Commercial Services announced that its Institutional Multifamily Group recently brokered the sale of Regatta Bay Apartments in Annapolis, Md.
The value of the transaction was $49 million.
Regatta Bay Apartments is a 245-unit community that features a clubhouse with fireplace, swimming pool, hot tub, fitness center, business center and conference room.
Donatelli & Klein Inc., a privately owned corporation, sold the property to Stellar Advisors, which plans to convert the property to condominiums, according to a press statement.
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