December 4, 2017
Baltimore-based Investor CRC has Seen the Value of Long-term Holds
Baltimore-based investor Continental Realty Corporation (CRC) has seen the value of long-term holds. In 2000, the company purchased a 1,400-unit portfolio in the D.C. market for $45M, CRC’s CEO, JM Schapiro said. Out of 40 bidders, CRC put forward the highest price and Schapiro remembers the others saying he overpaid. But today, CRC still owns the property and he said it has gotten a significant return on its investment.
“It’s that ability to own those properties for the long term that I think really make a big difference in this market,” Schapiro said. “When you’re in the Southeast, you’ve got to get out early because things can go south in a hurry.”
Continental Realty Corporation (CRC), headquartered in Baltimore and founded in 1960, is a full-service commercial real estate investment and management company. The privately-owned firm owns and manages a diversified portfolio of retail centers consisting of over 3.5 million square feet of space, as well as apartment communities featuring nearly 10,000 apartment homes. Positioned throughout the Mid-Atlantic and Southeast regions, the value of the portfolio exceeds $1.5 billion.