BALTIMORE, MD-As we reported earlier this week, Halstead at Guilford, a 234-unit, 14-story, high-rise multi-housing community in the Guilford submarket traded to Cornerstone Real Estate Advisors. The price is undisclosed but information sources are putting it at $60 million.

GlobeSt.com caught up with HFF's David Nachison, who along with Alan Davis, Brenden Flood and Bret Thompson brokered the transaction.

Baltimore's multifamily market is still very much in sellers' territory, which means buyers have to know the market to find the best deal.

Halstead at Guilford, Nachison tells GlobeSt.com, is in the northern part of Baltimore where many multifamily assets are older and often not renovated.

"This building, though, was nicely renovated. It is by far the nicest in that section of town," he says.

More importantly, is a popular place for John Hopkins University students to live, he says. "Every property has its niche particularly when you get around a university. Hopkins is not a big party school and this building has a lot of common areas with study rooms. It caters to the students that way."

The apartments are also well over 1,100 square feet, which means two or three students can live in one unit. That makes the average rent of $2,000 per unit manageable, he says.