Another local luxury condo conversion has failed, with the developer pulling out of the project two years after buying the Regatta Bay apartments in Annapolis.
The College Park office of Sawyer Realty Holdings has begun marketing the complex as one- and two-bedroom apartments ranging from $1,150 to $1,696 per month. New York-based JEMB Realty acquired the condo project for $50 million, company principal Joseph Jerome said.
“There is clearly a change in the marketplace with interest rates that owning a condo is no longer advantageous,“ he said. “This was a property where the previous owner made improvements and we are marketing it as rental.“
The company bought the remaining unsold 190 units in the 250-unit building, which underwent a conversion from apartments just last year. Stellar Advisors of Rockville bought the property in 2005 for $49 million, according to Transwestern’s Bethesda office, which brokered that deal for developer Donatelli & Klein of Bethesda.
by Sonny Goldreich | Special to The Gazette