December 20, 2013, WOBURN, MA – The Dolben Company, Inc. (“Dolben”) announced today that Settlers Landing Apartments LLC has acquired Settler’s Landing, a 240-unit Class A apartment community located in California, Maryland. The property was purchased for $41.2 million. With this acquisition, Dolben’s portfolio comprises 54 properties, totaling 12,629 units under management.
Constructed in 2013, Settler’s Landing offers direct access to MD Route 4 & MD Route 235, and is just four miles from Naval Air Station Patuxent River. The property is within walking distance of the dominant retail hub in St. Mary’s County, providing residents with a wide variety of stores, grocers, and eateries, including Target (with fresh grocery), Starbucks, Panera Bread, and many others. Settler’s Landing offers a top-of-the-line amenity package including a resident clubhouse with great room, resort-style swimming pool with tanning shelf, outdoor entertainment patio with fire pit and two gas grills, fully-equipped fitness center, yoga studio, cyber café including full kitchen and lounge area, dog park, and playground. The apartment homes at Settler’s Landing feature condo-quality finishes, including granite countertops, espresso-finish cabinets with brushed nickel hardware, high-end appliances, and nine-foot ceilings. Spacious floor plans, full-size washers and dryers, oversized patios/ balconies, and walk-in closets ensure convenience and comfort for residents. The average apartment home at Settler’s Landing is 1,011 square feet, and rents for approximately $1,379/month.
Deane H. Dolben, President of The Dolben Company, Inc., noted, “Settler’s Landing is an extremely well-located Class A community, and represents the continued expansion of our Mid-Atlantic portfolio. The community’s accessibility to an abundance of retail amenities and major employers makes this acquisition especially exciting.”
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.