JLAM ACQUIRES THE LANDINGS AT BAYSIDE PROJECT IN WEST OCEAN CITY, MD
Landings at Bayside, LP, a new partnership sponsored by Jack Lingo Asset Management (JLAM), a Rehoboth Beach, Delaware based real estate development and asset management firm, is pleased to announce the acquisition of the remaining 198 home sites in the bayfront community Bayside in West Ocean City, Maryland.
The Bayside acquisition includes 92 single family lots and 106 townhome sites, with the associated infrastructure and lot finishing substantially complete. The community features an array of amenities including a kayak launch, crabbing pier, and spectacular views of Assateague Island. The project is located in close proximity to Route 50, providing easy access to the resort beaches, destination shopping, and numerous dining options.
JLAM has partnered with NV Homes and Ryan Homes, which will serve as the community’s exclusive builders. Model home construction is slated to begin in early 2022, with home sales launching in the second quarter.
Doug Motley, Managing Principal of JLAM, shared “We are very excited about this acquisition – the Bayside community offers a variety of wooded and water view lots and a first-class suite of amenities, all paired with an excellent location. Our favorable cost basis, and partnership with NV and Ryan Homes, positions us to offer a great line-up of living options to future residents. The opportunity to breathe new life into this tremendous project is perfectly aligned with our investment strategy targeting.”
This closing marks JLAM’s first acquisition in Maryland and continues its strategy of developing differentiated residential communities across the mid-Atlantic region. JLAM is actively seeking additional development opportunities in the region.