Continental Realty Corporation (CRC) has earned the national 2023 “Top Workplaces USA Award,” based on confidential feedback generated from a team member survey administered by Energage, LLC, a Philadelphia-based research firm that specializes in organizational health and workplace improvement. This represents the third consecutive year in which the Baltimore-based commercial real estate and investment company - which is active in 10 states across the country - has been recognized with a national honor for workplace excellence. CRC was recently named a “Top Workplace” by The Baltimore Sun Media Group for the tenth consecutive year and placed 15th overall in the mid-size employers category, which includes companies with 150 to 399 team members.

Energage administered a process that gathered responses to a 24-question employee survey that measured workplace issues including alignment, coaching, connection, engagement, leadership, performance, benefits and training, with 173 CRC team members responding. More than 42,000 organizations across the country were invited to participate and fewer than three percent successfully earned the Top Workplaces designation from Energage, which analyzed the data to identify 147 winners in the small, midsize and large categories.

CRC was also recognized with two cultural badges for ranking in the top 25% of employers in the “Clued-In Employees” and “Open-Minded” categories. These awards reflect the sentiment among CRC team members that they feel well-informed about important decisions being made, and that the company encourages different points of view.     

A key CRC mission is to organize, execute and evaluate tangible programming that emphasizes an open and engaging work culture, fosters engagement that makes a meaningful and long-lasting difference in the communities where the company operates, promotes team member wellbeing and health, and encourages team member empowerment. The company consistently encourages diversity and inclusion in its workplace and supports local philanthropic activities that benefit wide-ranging demographic audiences.

“The real estate industry is relationship-based and people-oriented and we consider our team members as our most valuable and important resource,” stated Crystal Frey, CRC’s Senior Vice President of Human Resources and Shared Services. “The advantage of having passionate, loyal and hard-working professionals makes a meaningful difference in all phases of our business and is particularly evident when providing timely services to CRC residents, tenants and related stakeholders.

“Receiving national recognition for our efforts to create and preserve a workplace environment that promotes team member empowerment and rewards hard work and extra effort provides validation to our processes and is extremely gratifying,” Frey added. “We remain committed to identifying and retaining the best and brightest workforce which, in turn, translates into exceptional performances and services that benefit our customers.”

Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management company with a portfolio value exceeding $3.3 billion, has announced the selection of Eugene Wu as Data Scientist.

In this role, Wu will be an integral part of advancing the firm’s use of alternative data sets, data science and prop tech. For several years, CRC has been committed to data-driven decision making on the investment side of the business, as well as on operations. As a vertically integrated real estate platform, CRC has been an early adopter of a wide range of technologies and data-focused solutions.

With more than ten years of data science experience, Wu will further elevate CRC’s capabilities by bringing new perspectives and accelerating several strategic initiatives. Prior to joining CRC, Wu was the Principal Data Scientist for Markerr, a real estate-focused data analytics start-up headquartered in New York City.  Wu was a founding partner at Real Factors, a data analytics company that was acquired by Vista Equity Partners. He has also worked in research and valuations at Ellington Investment Management Group and started his career as a portfolio analyst at BlackRock, where he specialized in sourcing alternative data sets to provide insights on distressed assets.

“There are new and evolving data sets all around us that are leading indicators on how an area is transforming, how populations are shifting, how consumers are spending and how peoples’ habits are changing, and information arbitrage is the new competitive advantage in our business,” stated Haley Donato, VP of Asset Management & Finance. “Eugene is an outstanding addition to our team, and we know he will significantly advance our efforts in this space. He has impressive technical skills and is also a creative thinker with a unique ability to find the intersection between big, innovative ideas and practical application.”      

Wu earned a Bachelor of Arts degree in Economics-Statistics from Columbia University. He will work from CRC’s offices in New York City, where he has resided for many years.

Headquartered in Baltimore, Maryland and founded in 1960, CRC is a full-service commercial real estate and investment company focused on acquiring and operating retail and multifamily properties. The privately held firm owns and manages a diversified portfolio of retail centers consisting of more than seven million square feet of commercial space and approximately 9,000 apartment homes across 11 states, with a portfolio value exceeding $3.3 billion. For additional information, visit www.crcrealty.com.

Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management company, has announced the selection of Samantha Lange as Acquisitions Associate in the Multifamily division. She was formerly Manager of Acquisitions for Fogelman Properties.

Lange will support the activities of CRC’s Multifamily Acquisitions team in its ongoing efforts to identify, analyze, and acquire value-add and core multifamily investments in targeted submarkets throughout the Mid-Atlantic and Southeast portions of the US. Her responsibilities will include screening new multifamily opportunities, assessing markets, overseeing the economic analysis, underwriting, and monitoring the due diligence process. Lange will also play a role in post-closing activities and in efforts to transition recently acquired assets to CRC’s Asset Management and Operations teams.

Lange brings more than eight years of direct acquisitions, asset management and financial experience in the multifamily sector to CRC from her previous work at Federal Home Loan Mortgage Corporation (Freddie Mac) and Starwood Property Trust/LNR Partners, LLC. During a one-year period at Fogelman Properties she helped identify and close nine acquisitions, valued over $300 million. While serving as team lead for the Atlanta field office of Federal Home Loan Mortgage Corporation, Lange participated in the origination of more than 150 multifamily loans, valued at more than $3 billion.

She earned a Bachelor of Business Administration Degree from the University of Georgia.

“With the recent closing of our $146 million Core Multifamily Fund, LP open-ended fund in conjunction with Brown Advisory, as well as other closed-ended value-add private equity funds, our team has ongoing capacity to acquire both newly constructed core and value-add multifamily assets in our target markets,” stated Ari Abramson, CRC’s Vice President, Acquisitions. “The addition of a highly knowledgeable and capable professional, such as Sam, to our team will enable us to more effectively consider and act upon opportunities to execute our corporate long-term growth objectives. Sam’s most recent experience serving in a similar role, coupled with her tenure in several fast-paced financial and real estate environments, provide us with extreme confidence in her ability to immediately contribute and function as a key member of our team.”

Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management company, has announced the selection of Elisabeth Mygatt as Director of Multifamily Asset Management. She was formerly Director of Asset Management, Multifamily for Johnson Development Associates, Inc.

In her new role, Mygatt will oversee all multifamily asset management functions, including the review of new acquisitions, onboarding of new assets, operational and budgeting oversight, valuations, investor reporting and assisting with disposition activity.

Mygatt brings more than 16 years of direct multifamily property management, financial analysis and marketing experience to CRC. During her time with Johnson Development Associates (JDA), a regional multifamily development company, she managed a team that performed all asset management functions and oversight of third-party operations for a 3,000-unit portfolio. Prior to her time at JDA, Mygatt was with AvalonBay Communities for nearly a decade serving various roles in operations, financial analysis and portfolio management.

Mygatt earned a Bachelor of Arts degree in Economics from Washington and Lee University and also studied economics at The London School of Economics and Political Science.

“We are thrilled to have somebody with Elisabeth’s asset management and operational background on board to help lead and grow the team,” stated Haley Donato, CRC’s Vice President of Asset Management and Finance. “She has institutional asset management experience coupled with experience leading a team at a smaller, more entrepreneurial firm. I know she will bring fresh perspectives and find new ways to add value across our portfolio.”

Baltimore-based real estate investment and management company Continental Realty Corporation (CRC) has purchased its seventh multifamily community in North Carolina with the recent $36.5 million acquisition of 800 St. Marys Apartments, located at 800 St. Marys Street in the Glenwood South neighborhood of downtown Raleigh. Developed in 2020 by Selwyn Property Group and Southeast Apartment Investors, the 65-unit community of four-story elevator-serviced building and townhomes with attached garages was 95 percent leased at the time of this off-market transaction. Dean Smith of Newmark represented the seller.  Adam Randall and John Westby-Gibson of Newmark provided services to procure the financing through a loan with the Federal Home Loan Mortgage Corporation (Freddie Mac).

This is the first asset purchased on behalf of Core Multifamily Fund, LP, private equity fund sponsored by CRC, in partnership with Brown Advisory, a global private and independent investment and strategic advisory firm also headquartered in Baltimore. The Core Multifamily Fund recently completed its initial Founders Investor Closing, raising approximately $145 million.  The fund was formed to identify and acquire Class “A” garden and mid-rise communities located in the southeastern United States, with top-quality finishes and amenities, with a focus on stabilized or near-stabilized opportunities. Through its various funds, CRC has acquired approximately $1.2 billion worth of retail and multifamily assets in the last ten years. In total, CRC owns and self-manages roughly $3.2 billion in real estate nationally, with heavy concentration in the Southeast.

At 65-units, this boutique product integrates well into Continental’s existing portfolio. 800 Saint Marys is located just 0.2 miles from the nearest CRC asset. With this acquisition, CRC now owns and self-manages more than 1,300 apartment units in North Carolina, with four multifamily communities in the Raleigh area, including The Edison Lofts, St. Mary’s Square, The Village Apartments and 800 St. Marys Apartments. Additional assets include The Flats at Ballantyne and Park & Kingston located in Charlotte and The Reserve at Mayfaire in Wilmington.

One- and two-bedroom units are among the largest within the Glenwood South submarket

Delivered in 2020, 800 St. Marys Apartments is in Raleigh’s Glenwood South district and consists of one-, two- and three-bedroom floorplans ranging from 963 to 1,666 square feet of space, with an average unit size of 1,224 square feet of space. The 19 one-bedroom units, measuring 963 square feet of space, are approximately 25 percent larger than comparable product in the submarket, and the 42 two-bedroom units, at 1,283 square feet of space, are 10 percent larger than the competitive set. The four three-bedroom townhome-style units with direct-entry two-car garages consist of 1,666 square feet of space.

Each unit features 10-foot ceilings, a stainless-steel appliance package, quartz countertops, soft-close kitchen cabinetry, kitchen islands with bar top seating, extra large closets and walnut plank flooring. Existing community amenities include an outdoor terrace with summer kitchen area, fire pit with seating, a state-of-the-art fitness center,  a clubhouse equipped with flat screen televisions, wine lockers, and a complimentary coffee bar, a business lounge with private conference center,  and a controlled-access parking garage.

Nearby retail, entertainment and cultural options

Situated two blocks off Glenwood Avenue, 800 St. Marys Apartments features quick access to Glenwood South’s retail and entertainment, such as Cameron Village, Harris Teeter, and Publix Supermarket. Also nearby are North Carolina State University and William Peace University, Yates Mill Park and William B. Umstead Park. Downtown Raleigh is less than two miles away and Raleigh-Durham International Airport can be accessed in less than 15 minutes.

“800 St. Marys Apartments is an institutional-quality asset and we were drawn by its irreplaceable location, expansive floorplans and best-in-class finishes and amenity package,” stated Ari Abramson, CRC’s Vice President of Acquisitions. “CRC is the natural buyer for this asset, given our existing three multifamily communities in the Raleigh market, including St. Mary’s Square. This provides our team the opportunity to scale operations between the two properties to realize cost efficiencies, and to expand the breadth of amenities to 800 St. Marys residents by providing access to St. Mary’s Square amenities including its rooftop pool.”

CRC acquired the 134-unit St. Mary’s Square in 2018 and completed a $1.2 million renovation in 2021, improving the asset’s common areas and amenity spaces.

Sustained vibrancy and growth of Raleigh

“Our team has a deep understanding of the key growth drivers, population trends, and market conditions through the Southeast markets. We have been focused on these markets for decades,  which gives our acquisition and management platform scale and expertise” stated JM Schapiro, CRC’s CEO. “As multifamily real estate performance strongly correlates with population and job growth, the fundamentals of Raleigh are exceptional and 800 St. Marys is great real estate. With the long-term investment profile of the Core Multifamily Fund, this is a perfect first deal for this fund.” Schapiro added.

The population of Greater Raleigh grew nearly 3.3 percent over the past year and now stands at nearly 1.6 million people. Major employers in the region include Red Hat, Duke Energy, Wells Fargo, Deloitte, KPMG and Citrix.

According to information published by Wake County Economic Development, GoBanking Rates named Raleigh the number one city to live in for young professionals, based on affordability and the strength of the local labor force, and The Triangle area (Raleigh-Durham-Chapel Hill) is considered the second-fastest growing tech hub, with more than 4,000 tech companies employing more than 60,000 workers. The region, with approximately 600 life science companies, is considered the fifth-largest life sciences hub in the country.

Overview of $144 million Core Multifamily Fund

Core Multifamily Fund, CRC’s seventh fund, is focused on acquiring newly-developed properties constructed between 2018 and 2022 in high-growth suburban and urban markets throughout the Southeast, including Charleston, Charlotte, Nashville, Raleigh, Orlando and Tampa.

“Given our deep understanding of the Southeast markets and current market conditions, especially the job and population growth in the Southeast, our vertically integrated team believes this is the optimal time to invest in a core multifamily strategy for long-term holds,” said Schapiro. “Multifamily real estate performance correlates positively with population and job growth, and by investing in high-growth markets, this fund will benefit from submarket growth that is stronger than the national average.”

Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management company, has completed the sale of Riverstone at Owings Mills, a residential community consisting of 324 multifamily units in Owings Mills, Maryland, for $92.9 million. Situated just outside of Interstate 695 in the northwest section of Baltimore County, the asset was acquired by Carter Funds. CRC was represented by Christine Espenshade and Robert Garrish of Newmark in this sales transaction. This is the second multifamily sale in the region for CRC in the last quarter. In July, CRC sold the 189-unit 101 North Ripley Apartments in Alexandria, Virginia for $50.1 million.

Riverstone at Owings Mills was acquired in 2016 on behalf of CRC Fund IV, for $61.6 million. CRC purchased the property for $190,000 per unit and disposed the asset for $287,000 per unit.

Riverstone at Owings Mills is located at 4700 Riverstone Drive and is adjacent to the Owings Mills Town Center as well as several major business communities and lifestyle centers. Interstate 795, a major highway serving the northwest corridor of Baltimore County, is less than one mile away and Towson is approximately 15 miles from the community. During its hold period, CRC added significant value with the execution of in-unit improvements and a full renovation of community amenities, including the fitness center, clubhouse, leasing office, pool deck and several exterior amenities.  

Since CRC acquired Riverstone at Owings Mills in 2016, the Owings Mills submarket has been reshaped with the investment of several billion dollars of development activity. Notable nearby developments include the transformation of Owings Mills Mall into Mill Station, an open-air shopping venue, the construction of lifestyle center Foundry Row, the continued development of Owings Mills Metro Centre, a Transit-Oriented Development and the renovation of several neighborhood shopping centers. As a result of these recent developments, the submarket has benefited from new high-profile retailers such as Wegmans Food Markets, Costco, Lowe’s Home Improvement and a variety of regional and national restaurants. The developments added more than 1.2 million square feet of commercial office space, 1.2 million square feet of retail space and 1,700 Class “A” luxury apartment units, as well as a full-service hotel and conference center.

“I could not be more proud of our team’s efforts and outcomes in this investment,” stated JM Schapiro, CEO of Continental Realty Corporation. “Riverstone’s value story is a tremendous combination of asset-level improvements and sub-market advancement. Being a Baltimore-based real estate company, we knew this asset extremely well and visited it frequently. It was incredible to watch the evolution of the property and submarket during our hold period. Riverstone was a great investment for CRC Fund IV and we believe that this market has continued runway for additional expansion and growth. Riverstone serves as another great example of CRC’s team adding value for both the resident and the investor.”

Headquartered in Baltimore, Maryland and founded in 1960, CRC is a full-service commercial real estate and investment company focused on acquiring and operating retail and multifamily properties. The privately held firm owns and manages a diversified portfolio of retail centers consisting of more than six million square feet of commercial space and approximately 9,000 apartment homes across ten states, with a portfolio value exceeding $3.2 billion. For additional information, visit www.crcrealty.com.