Snell Properties, a real estate development and asset management firm located in Arlington, Virginia, is pleased to announce it has completed the purchase of The James, apartment building. The James is a brand new 236-unit apartment building located at 251 Admiral Cochrane Drive, Annapolis, Maryland. The purchase price was $75.6M or approximately $320,000 per unit.

This is the second acquisition that Snell has completed in recent months. In October, Snell purchased Elysium Fourteen located at 1925 14 ^th St NW in downtown Washington, DC for approximately $500,000/ unit. “One of our corporate goals is to diversify into new core assets outside of Northern Virginia”, said Chris Hanessian, President, Snell Properties. “Both of these assets are excellent complements to our existing portfolio and will help us realize our goals for long-term diversification.”

The James was developed and constructed by JLB Partners in 2017. The building is wood framed construction with high-end finishes and concrete cast in place parking. The property is located just five minutes from Annapolis Town Centre (a Whole Foods anchored mixed use center) and ten minutes from downtown Annapolis. The property features an exceptional mix of amenities including a resort style pool, an oversized courtyard with grills, an outdoor lounge with a fireplace and tv, a state-of-the-art fitness center, and a rooftop deck. According to Peter Colarulli, Vice President of Development for Snell, “Snell Properties is excited to be acquiring another best-in-class asset in a strong location. The James is extremely well designed and among the best rental product in the Annapolis market.”

The transaction of The James is part of a 1031 Tax Deferred Exchange. Bell Partners will manage the property on behalf of Snell. Ryan Ogden, Senior Managing Director at Newmark Knight Frank, brokered the transaction

About Snell Properties

Snell Properties is a real estate development and asset management firm located in Arlington, Virginia. The Snell Properties’ portfolio includes almost 2,600 multi-family apartment units and over 440,000 sf of commercial office, retail and hotel space. Snell has created enduring value for over seventy years by providing growth in shareholder value, managing and preserving buildings that last, and understanding the needs of a diverse and changing real estate market.

For more information, please visit: snellproperties.com