BALTIMORE, MD-Halstead at Guilford, a 234-unit, 14-story, high-rise multifamily in the Guilford submarket, has traded. The price was not disclosed but an industry source is estimating that it is trading at an approximate $60 million, or $256,410 per unit.
Cornerstone Real Estate Advisers purchased the property on behalf of a Cornerstone-managed fund. The seller was The DSF Group.
The property was renovated in 2006 and features one-, two- and three-bedroom units averaging 1,147 square feet each.
The property is trading at a time of interesting fundamentals for class A product in Baltimore. Delta Associates reports that the vacancy rate is up 170 basis points from last year, to 5.1%--although it still is under the national vacancy rate of 4.3%.
Meanwhile average effective rents in the metro area are $1,630, slightly rising by 0.3% over the last year. HFF's David Nachison, Alan Davis, Brenden Flood and Bret Thompson brokered the transaction. Nachison did not return call to GlobeSt.com.
UPDATE: We caught up with Nachison and will be updating this story later with his comments and additional information about the Baltimore multifamily market.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
