BALTIMORE, MD—L3C Capital Partners, a Cedarhurst, NY-based private real estate developer and owner, has expanded its multifamily footprint in this market and surrounding areas with the acquisition of a five-asset, 694-unit portfolio for $42.3 million.
Multi-Properties Inc. sold the portfolio in a deal brokered by Cushman & Wakefield.
The portfolio consists of four garden properties and one complex that is a mix of garden and townhouse buildings. They include Beacon Pointe in Sparrows Point, MD; Hillsdale Manor in Baltimore; Fox Crossing, also in Baltimore; Edgewood Park, which is located in Edgewood, MD; and Baltimore-based Forest Glen.
Baltimore, or rather the state of Maryland, saw another multifamily portfolio trade last month when Morgan Properties acquired 2,700 units in the state and Virginia for $309 million. The portfolio consisted of nine separate apartment communities located in Fort Washington, Hyattsville, Laurel and Parkville, MD and in Newport News, VA.
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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.
