OneWall Partners Acquires Two Multifamily Assets for $98M
The company has expanded its footprint in suburban Baltimore through two acquisitions totaling 612 townhomes and 259 apartment units.
BALTIMORE, MD – Real estate owner, operator and investment firm, OneWall Partners has acquired two multifamily assets in Middle River, MD across two separate transactions.
The Connecticut-based company purchased the newly-rebranded Hopkins Point townhome community for $66 million. The firm acquired the rental property in financial partnership with Enterprise Community Partners from Kushner Cos.
Located in Southeast Baltimore County, Hopkins Point, formerly Whispering Woods, comprises 524 market-rate townhomes across a 39-acre property. The community is currently 98% occupied.
“We’ve been tracking the Maryland market for some time and felt Hopkins Point Townhomes presented the perfect opportunity to enter the region with some scale,” states Andy Wallace, OneWall Partners’ CEO and principal. “Middle River and other Baltimore submarkets will continue strengthening as the economy recovers and regional infrastructure improvement projects advance.”
“Enterprise and OneWall bring similar commitments to making positive social impacts to the communities and residents we serve,” states Ron Kutas, OneWall Partners’ principal and COO. “To that end, we seek to improve Hopkins Point physically, cosmetically and operationally to create an elevated living environment for our residents.”
“Enterprise is committed to the preservation of well-located, affordable homes,” says Chris Herrmann, SVP of Enterprise Community Partners. “In a community like Hopkins Point where hundreds of households have put down roots, we’re excited to partner with OneWall to keep rents affordable and make upgrades for the long-term.”
OneWall Partners has additionally acquired Oak Grove Apartments & Townhomes in Middle River, MD for $32.5 million from Morgan Properties. The property was acquired by OneWall’s Nova Appian Preferred Income Fund I.
The 17-acre community encompasses 22 apartment buildings with 259 apartments, as well as 88 townhomes. The property is currently 94% occupied. OneWall Partners plans to improve Oak Grove Apartments & Townhomes both physically, cosmetically and operationally.
“We plan to spend more than $1 million in the first several years to upgrade exteriors and common areas and to provide air conditioning to all units as they’re renovated,” says Nate Kline, OneWall Partners’ CIO and principal. “Additional funds will be spent on new kitchens and baths, upgraded flooring and modern finishes throughout.”
Both of the acquired suburban properties are located 10 miles from downtown Baltimore, MD.
CBRE Multifamily brokered each of the transactions. Progress Capital’s Brad Domenico secured the acquisition financing with Arbor Commercial Mortgage for both the Hopkins Point and Oak Grove communities.