GREYSTEEL ARRANGES THE SALE OF WHITTIER AVENUE PORTFOLIO, A 14-BUILDING PORTFOLIO IN BALTIMORE, MD

Greysteel , a national commercial real estate investment services firm, has arranged the sale of a 14-Building portfolio in Baltimore, MD. Senior Associate Aaron Inman , Senior Managing Director W. Kyle Tangney Tangney, and Senior Director Herb Schwat of Greysteel’s Mid-Atlantic Multifamily team negotiated the transaction on behalf of the seller as the listing brokers and were the sole brokers on the transactions.?

The buying party is a joint venture of a family office from the New York Area and a private equity real estate firm from North Carolina. The seller, a private investor from Prince George’s County, Maryland, intends to reinvest their capital gain in other asset classes, and the buyer intends to grow their existing footprint in the Druid Hill Park corridor of Northwest Baltimore.

The Whittier Avenue Portfolio is a 14-building portfolio of single-family and small multiunit properties strategically located across six different zip codes in Northwest Baltimore. The properties have been managed by a sole private capital operator for the past ten years, and rents are roughly 15% below market. All units in each of the 14 buildings have been renovated and can receive a premium on rent with the addition of amenities such as larger closet space and in-unit washer and dryer systems.

‘’This deal consisted of 6 multifamily properties and eight single-family homes across six different zip codes, making the financing for this portfolio extremely complex. Our team navigated a tough financing terrain and closed this transaction at 100% of the asking price.” Said Senior Associate Aaron Inman.

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ABOUT GREYSTEEL:

Greysteel is a leading commercial real estate and capital markets services firm with 13 offices located in New York, NY; Los Angeles, CA; Dallas, TX; Washington, D.C.; Philadelphia, PA; Bentonville, AR; Baltimore, MD; Charlotte, NC; Miami, FL; Austin, TX; Nashville, TN; New Orleans, LA and Newport Beach, CA. Greysteel serves and advises private and institutional real estate investors and developers in the marketing, sale, and financing of private capital, middle-market, and institutional real estate assets. www.greysteel.com