Located in the city's center at 4300 Marble Hall Road, Northwoodsits on a 24-acre plot and consists of seven two-story residentialstructures, and two commercial units for a total of 262,250 sf. Itis home to many students from nearby Morgan State University.Lightstone acquired Northwood in 1996 and has since completelyrenovated the property.
"This refinancing allowed us to invest our capital intoadditional opportunities," Lightstone chairman David Lichtensteinsays. "We currently own 2,500 multi-family units in theDC/Baltimore area and see this region as one which is ripe for ourturnaround philosophy and diverse resources." The Lightstoneturnaround philosophy entails repositioning B and B+ propertieswith 5% to 10% vacancy rates by offering effective tenantservices.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
