The conversion of a Pikesville rental apartment complex into for- sale condominiums is expected to begin in the near future, the property's new owner said. And the company isn't looking to rest there. The $56 million sale of Avalon Village Green, a 255-unit project about a mile north of the Baltimore Beltway off Reisterstown Road, was completed Sept. 30, said Michael Marshall, the Washington- based director of Cushman & Wakefield Inc.'s Apartment Brokerage Services unit, who brokered the transaction. New York-headquartered BlackRock Realty, a unit of BlackRock Inc., owner of the property since March 2003, sold it to Bay Communities Inc., a concern based in Palm Coast, Fla.The purchase marks the entrance into Maryland of Bay Communities, whose major business has involved designing and developing properties along Florida's Atlantic Coast from St. Augustine to Boca Raton. A strengthening condominium market prompted the Baltimore County purchase and has the company considering expanding its Maryland holdings.We weren't looking to get into Maryland, said William F. Harkins, president and founder of Bay Communities. But we saw a great community and a beautiful project with great access so we bought it.The (condo) market is only beginning to take off there. That's why we're glad to be there and why we're looking at other opportunities in Maryland. A crowded real estate landscape has Bay Communities viewing condo conversions as desirable investment opportunities, Harkins said.It's getting harder and harder to do big subdivisions, he said. For that and other reasons we view condominiums as an ideal solution.Cushman & Wakefield also sees strength in Maryland, especially around Baltimore.The performance of the condo market in greater Baltimore has been exceptional over the past few years with over 10,000 units sold in 2003 and prices increasing more than 30 percent over the past four years, according to research published by the company.Avalon Village Green has about 50 units vacant, Harkins said. The interiors of many of those units will be renovated and offered for sale as condos. Current renters will be offered the option of buying their units at special prices, he said. A $52 million loan was secured last month from Mountain Funding LLC, a Charlotte, N.C.-based lender, to facilitate the sale of Avalon Village Green. We have an existing relationship with this converter and were able to quickly structure and close the transaction based on pre-existing terms and documentation, Arthur Nevid, managing director of Mountain Funding, said in a news release.Mountain Funding has made about 12 loans over the three-year relationship between the companies, Nevid said in an interview. Most loans were made for condo conversions in the Southeast, although other deals have involved construction and land acquisition, according to Nevid. No new construction is scheduled on the Pikesville property, Harkins said. Built in 2002, Avalon Village Green currently has apartments ranging from 927 square feet for a one bedroom and one bath to 1,691 square feet for three bedrooms with 2 1/2 baths. Located close to the Baltimore Beltway, within a larger subdivision known as Avalon East, the community consists of townhouses and garden-style apartments.Amenities include a 24-seat movie theater, a swimming pool, business center, tennis courts, a fitness center and an aerobics studio. First-time home buyers and empty nesters are the clientele most likely to be attracted by the condos and the amenities, Marshall said.

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