CX Courts of Avalon DST

Pikesville, MD

Property Description

“The Courts of Avalon” is an apartment community located at 9000 Iron Horse Lane, Pikesville, Maryland 21208 (the “Property”). The Property consists of approximately 27.543 acres of land, upon which are situated 29 two-story residential buildings. The Property also includes a one-story leasing office and clubhouse building, one maintenance building, one maintenance shed, a fitness center, a swimming pool, a business center, a media room, a pedestrian path and jogging trail, a grilling area, and a dog park. According to the PCR (as defined herein), the Property contains a total of approximately 302,783 square feet of net rentable floor area across 258 residential units. According to the Property survey, the Property contains a total of 402 parking spaces, which includes 118 open parking spaces, 258 garage parking spaces, and 26 accessible parking spaces. The Property is located in Baltimore County, Maryland.

Acquistion Details

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Total Debt


Total Value







9000 Iron Horse Lane, Pikesville, MD 21208

Financial Details

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Loan interest rate


Loan term

9 Years

Interest only period

3 years

Business Plan

The Sponsor seeks real estate investments with operational, physical and/or market-based enhancement opportunities and where its real estate experience and expertise can be deployed to realize long term value. We believe the Property meets this investment criteria and offers an opportunity to acquire a quality constructed asset in a location supported by a compelling, diversified set of demand drivers. Completed in 1999, the Property is well-located in the Baltimore MSA and we believe it maintains an attractive, competitive position in the marketplace. We plan to implement strategies that we believe will enhance the Property’s competitive position and operational performance with added new amenities. With existing high-level finishes and a comprehensive amenity package, the Sponsor believes the Property is well positioned in a desirable submarket with compelling demographics to capitalize on strategic enhancement initiatives and the implementation of institutional quality property management and marketing practices and procedures. The market dynamics are anticipated to be sustainable throughout the hold period, providing us with what we believe will be an opportunity to maintain or increase occupancy and to increase rental rates at the Property. In conjunction with rental growth, our operational strategy with respect to the Property remains focused on monitoring and controlling expenses and effectively managing reserves. Additionally, we believe strategic enhancement of the Property’s amenities and interior features will provide an opportunity to incrementally realize additional rent premiums over time.

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