Hanover, Md - July 27, 2021 An affiliate of Kenwood Management Company has sold its 1334 Ashton Road property and announced that its investors achieved in excess of a 24% return.
Kenwood purchased this building in 2017 as a joint venture with Feldman Bergin Properties. It was 60% vacant at the time. After successfully bringing the property to 100% leased, it was marketed by Cris Abramson and Nicholas Signor from NGKF and sold for $5,345,000, representing a 132% appreciation in just 4 years.
Bill Singer, Principal from Kenwood said, “This asset performed exceptionally well, beyond our underwriting expectations. Although we consider most of our portfolio as a long term hold, this property’s performance early on, led to the decision to sell it early and deliver higher than forecasted returns to our investors.”
Kenwood Management Company is an owner/manager of commercial properties in the Washington and Baltimore markets. Founded in 1996, Kenwood’s current portfolio of 1.4M square feet is focused on office, medical, flex and warehouse properties.