Greysteel, a national commercial real estate investment services firm, has arranged the sale of the Apartments at Parkin Baltimore, MD. Senior Associate Aaron Inman, Senior Managing Director Kyle Tangney and Senior Director Herb Schwatof Greysteel’s Mid-Atlantic Multifamily team negotiated the transaction on behalf of the seller and served as the sole broker on this transaction.
Located at 814 Park Avenue, the apartments at park is just a few blocks north of Downtown Baltimore in Midtown Mount Vernon Baltimore. The seller plans to exit the Downtown Baltimore market and the buyer intends to complete the approved plans to add an additional 5 story multifamily building to this site as well as making improvements to the existing apartments. This transaction brings much needed new residential inventory to Midtown Baltimore in the Mount Vernon corridor which saw some of the highest population growth out of all Baltimore City neighborhoods in 2022.
‘’This deal was especially difficult given the existing volatile lending terrain and the sharp increase in construction costs during the contract period as well as longer approval period at Baltimore City due to covid related delays. Nonetheless we were able to close this transaction at 100% of the pricing guidance and enter contract a short private marketing process.” Said Senior Associate Aaron Inman.
Greysteel is a leading commercial real estate and capital markets services firm with 13 offices located in New York, NY; Los Angeles, CA; Dallas, TX; Washington, D.C.; Philadelphia, PA; Bentonville, AR; Baltimore, MD; Charlotte, NC; Miami, FL; Austin, TX; Nashville, TN; New Orleans, LA and Newport Beach, CA. Greysteel serves and advises private and institutional real estate investors and developers in the marketing, sale, and financing of private capital, middle-market, and institutional real estate assets. www.greysteel.com