BALTIMORE-Two contiguous apartment buildings in the Towson submarket have traded in what participants call one of the largest deals for Baltimore in years. The properties, The Jazz and The Renaissance--collectively known as The Quarter--traded for an undisclosed price. Public records report that the two were sold for an aggregate $87 million. Principals from the Mid-Atlantic team of Atlanta-headquartered ARA, Drew White, Mike Marshall and Ryan Ogden, represented the sellers, a joint venture between AIG Global Real Estate and Lane Northeast. CBRE Global Investors was the buyer.
ARA says it is the largest multifamily transaction to occur in the Baltimore area since March of 2008. The property traded at a “good price per pound,” White tells GlobeSt.com, otherwise declining to discuss pricing. “One is a former condo conversion that switched back but they both have the same look and feel to be considered one asset.” The building’s value will likely be further enhanced when an adjacent apartment building is renovated. Currently under contract, Dulaney Valley is an existing 150-unit apartment building that is expected to be torn down and completed redeveloped.
In general, the Towson multifamily submarket is doing well, having never dipped below 93% in occupancy during the recession, according to Reis figures. It is expected to reach 97.4% by the end of 2013. The five-year average projected rent growth for the submarket is over 4%.
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