L3C Capital Partners Selects Village Green to Manage The Munsey in Downtown Baltimore
By Adrian Maties, Associate Editor
Baltimore’s Munsey Building was recently acquired by L3C Capital Partners LLC. According to The Baltimore Business Journal, the New York-based investment company paid $18.35 million for the building. Now, the new owner has selected Village Green, a Detroit-based apartment manager and owner, to manage the historic community.
The Munsey Building has been present in the heart of downtown Baltimore since 1912. Over the years, the building housed the Baltimore News, Baltimore’s first radio station and later the Equitable Trust Company. It is located at 7 North Calvert Street, close to the Inner Harbor and various other entertainment, culture, dining and shopping destinations, as well as the headquarters of many large companies.
In 2002, the 18-story building was transformed into a 146-apartment multifamily community. Now, the Munsey offers studio, one-, two-, and three-bedroom apartments, ranging in size from 668 square feet to 1,705 square feet. Rents are between $1,390 and $1,920 per month. Units feature 12’ ceilings, floor-to-ceiling windows, high-end finishes, and spacious floor plans. Community amenities include a 24-hour professional fitness center, clubroom with lounge, gourmet kitchen, dry cleaning services and valet parking.
“We are thrilled with our acquisition of The Munsey, a grand and historic building in a premiere Baltimore location,” Jonathan Leifer, principal, L3C Capital Partners, said in a press statement. The new owners plan to renovate the apartments and amenity spaces in the coming months.
“We’re thrilled to have been entrusted with the management and oversight of this extraordinary asset, which represents our continuing partnership with L3C Capital Partners,” Diane Batayeh, COO of Village Green, added. “The Munsey is located in a growing and dynamic market, and we know Baltimore is a fantastic place to live, work and play.”
Photo credit: Village GreenTags: acquisition, Acquisitions/Dispositions, Apartments, Baltimore, Baltimore Lead Story, Brokers, Condo, Co-op, HOA, economy, L3C Capital Partners, Local, management, Managers, multi-family, Munsey Building, National, property management, Regional, residential real estate, Village Green