Located in the city's center at 4300 Marble Hall Road, Northwood sits on a 24-acre plot and consists of seven two-story residential structures, and two commercial units for a total of 262,250 sf. It is home to many students from nearby Morgan State University. Lightstone acquired Northwood in 1996 and has since completely renovated the property.
"This refinancing allowed us to invest our capital into additional opportunities," Lightstone chairman David Lichtenstein says. "We currently own 2,500 multi-family units in the DC/Baltimore area and see this region as one which is ripe for our turnaround philosophy and diverse resources." The Lightstone turnaround philosophy entails repositioning B and B+ properties with 5% to 10% vacancy rates by offering effective tenant services.
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