Transwestern Real Estate Services’ Mid-Atlantic Multifamily Group has been retained to sell three garden-style apartment properties in Baltimore. Transwestern Executive Vice Presidents Dean Sigmon and Robin Williams and Senior Associate Michael D’Amelio are marketing the assets on behalf of the undisclosed seller.
Totaling 876 units, the value-add properties are being offered individually or as a portfolio:
- Raven Run, a 378-unit multifamily property at 6028 Amberwood Road.
- Baybrook Village Apartments, a 308-unit apartment community at 1001 East Jeffrey St.
- Greens at Forest Park, a 190-unit complex at 4515 Fairview Ave.
“This portfolio offers investors a strategic opportunity to acquire three well-maintained apartment communities near major employment centers,” said Sigmon.“Significant upside potential is available through in-unit upgrades, utility restructuring, and increasing asking rents to market rates on renewals and new leases.”
The owner has invested over $3 million in capital improvements across the portfolio. Interior renovations, which include unit modernizations and cost-saving measures such as installing higher efficiency appliances, are achieving significant monthly rental premiums. The properties enjoy convenient access to primary roadways, including Interstates 695, 95 and 83, with connectivity to downtown Baltimore, the Inner Harbor, and major employment centers.
“Baltimore remains appealing to investors seeking value-add multifamily properties with considerable upside potential,” said Williams.
Earlier this year, Transwestern sold an 895-unit multifamily portfolio in the Baltimore region for $138.5 million, or $154,748 per unit;Perry Hall Apartments, totaling 704 units in Nottingham, Maryland;and Oakleigh Apartments, totaling 191 units in Parkville, Maryland. Currently, the Mid-Atlantic team has more than 1,800 units on the market or under contract.
Transwestern’s Mid-Atlantic Multifamily Group provides a full range of investment sales services throughout Maryland, Washington, Northern Virginia, Richmond, Delaware and Pennsylvania. The group’s recent client roster includes Sentinel Real Estate, Federal Capital Partners, Foulger-Pratt with DLJ, Hampshire Properties, Aimco, Avalon Bay, Equity Residential, The Bozzuto Group, Fannie Mae, AIG Investment, Morgan Properties, Goldman Sachs, JP Morgan and Angelo Gordon.
More information about the portfolio is available here.
