August 6, 2014, WOBURN, MA – The Dolben Company, Inc. (“Dolben”), is pleased to announce that Stoney Creek Phase 1 LLC has acquired The Reserve at Stoney Creek, a Class A apartment community located in Pasadena, Maryland. The property was purchased for $15 million. Stoney Creek Phase I LLC is the third partnership between Dolben and Klein Enterprises (“Klein”); the two companies’ other joint ventures include Marketplace at Fells Point (Baltimore, Maryland) and The Apartments at Charlestown Crossing (North East, Maryland).
Located near the intersection of Maryland Route 100 and Maryland Route 10 in the Pasadena area of Anne Arundel County, The Reserve at Stoney Creek is ideally situated, with easy access to Annapolis, Baltimore, and Chesapeake Bay, and to the job centers in the Baltimore/Washington Corridor, including Columbia and Fort Meade. Phase I of the community was delivered in 2011, and consists of 90 apartments with garages; this portion of the project was fully leased within six months. Construction on Phase II of the project is scheduled to begin in Q3 of 2014. When complete, Phase II will include an additional 76 apartments and a clubhouse with a full array of amenities, including a community room, internet café, fitness center, and swimming pool. The apartment homes at The Reserve at Stoney Creek feature 9’ ceilings, full-sized washers and dryers, gourmet kitchens with built-in microwaves and maple 42″ kitchen cabinets, and premium finishes. Top-floor units include gas fireplaces and tray ceilings.
Deane H. Dolben, President of The Dolben Company, Inc., noted, “We are delighted to be partnering with Klein Enterprises again, and are very excited about The Reserve at Stoney Creek. Anne Arundel County is well-known for its excellent school system and high quality of life, and with the completion of Phase II, we will be able to provide both current and new residents with all of the amenities they’ve been seeking.”
Daniel Klein, President at Klein Enterprises, said, “We are very pleased to be working with Dolben on another project, and are eagerly anticipating the completion of Phase II. Given the property’s excellent location and high-end amenities, we expect that these apartment homes will lease very quickly.”
About The Dolben Company, Inc.
With offices in Massachusetts and Maryland and more than 12,500 residential units throughout the New England and Mid-Atlantic regions, The Dolben Company, Inc. is built on a deep heritage of performance and stewardship. Since 1929, four generations of the Dolben family have upheld a proud tradition of unparalleled success and profitability, fulfilling the property and investment needs for a wide array of businesses, financial institutions, organizations and private investors. For more information on The Dolben Company, visit www.dolben.com.
About Klein Enterprises
Headquartered in Baltimore, Maryland, Klein Enterprises is a diversified commercial real estate firm that specializes in development, acquisitions, brokerage, property and asset management throughout the Mid-Atlantic region. Founded in 1948, the company’s portfolio has grown to over 3,000,000 SF of square feet of apartment, retail, office, and flex properties. Now in its eight decade, Klein Enterprises is well capitalized and under leveraged, leaving it well positioned for future growth. The company’s staff of professional development, management and leasing personnel has a combined experience of more than 100 years in the commercial real estate industry. Contact Daniel Klein at 410.902.5994 or dk@kleinenterprises.com for more information.