Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Franklin Court Apartments, a 35-unit apartment property located in Baltimore, MD, according to Brian C. Hosey, regional manager of the firm’s Baltimore office. The asset sold for $4 million.
Evan Austin and Sean Brown, investment specialists in Marcus & Millichap’s Baltimore office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a partnership, was secured and represented by Evan Austin and Sean Brown. Hosey, broker of record in Baltimore, assisted in closing this transaction.
“We are pleased to announce the successful sale of the Franklin Court Apartments. It was a wonderful experience for all parties involved,” said Austin. “We are thankful for the seller’s trust in our team, as well as Marcus & Millichap’s marketing platform. The buyer purchased a great asset in a growing community, and we congratulate both the buyer and seller on a well-executed, clean transaction.”
Franklin Court Apartments is located at 500 W Franklin St in Baltimore, MD, on the border of the historic Seton Hill and Mount Vernon neighborhoods of Baltimore City. The recently renovated property was built in 1850 and consists of 35 units total. The unit-mix includes six studio apartments, 14 one-bedroom apartments, nine two-bedroom apartments and six commercial spaces. The property’s well-established commercial tenants include two hair salons, an eyebrow salon, a church and two clothing boutiques. Its unique floor plans, landscaped courtyard and attractive finishes have resulted in a high demand for its apartments and a low vacancy rate.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
