Baltimore Asset Trades in 1031 Exchange
An out-of-state investor acquired Preston Place, a 10-unit property in the Mt. Vernon neighborhood, as part of a 1031 Exchange.
SVN REALSITE has represented the seller, Green Dot LLC, in the transaction of Preston Place, a multifamily community in Baltimore. The buyer, a private investor, has acquired the 10-unit asset through a 1031 Exchange.
Built in 1900, the property offers one-bedroom apartments averaging roughly 840 square feet. The community has a high-occupancy track record and an average monthly rate of $993, according to SVN.
Located at 112-114 E. Preston St. in Baltimore’s Mt. Vernon neighborhood, Preston Place is within walking distance of University of Baltimore and Maryland Institute College of Art. The property is also close to cultural landmarks such as The Washington Monument, Johns Hopkins University Peabody Institute and The George Peabody Library.
“Mt. Vernon continues to be one of Baltimore’s strongest rental markets, and accordingly, investor appetite is high in the neighborhood. This asset saw multiple offers and ultimately traded to an out-of-state 1031 exchange buyer,” said Justin Verner, senior advisor from SVN, in prepared remarks.
Last June, SVN brokered the $3.4 million sale of The Allston, a 22-unit student housing property in Baltimore’s Charles Village neighborhood.
Image courtesy of SVN REALSITE