Gelfund Real Estate Opportunities Pays $30M for Baltimore Asset
The 200-unit community in Pikesville, Md., is undergoing an interior renovation program.
Gelfund Real Estate Opportunities has purchased Milford Station Apartments, a 200-unit multifamily property in Pikesville, Md., from investment firm Blue Ocean. Transwestern Real Estate Services arranged the transaction for $30 million or $150,000 per unit.
Located at 19 Warren Park Drive, the Milford Station Apartments is next to Ralston, one of the oldest neighborhoods in Pikesville. The property is within walking distance of the Milford Mill Metro Station and approximately one and a half miles of I-695.
The garden-style community is undergoing an interior renovation program that will include upgrades to the cabinets, appliances, countertops and flooring, as well as the addition of in-unit washers and dryers. The new owner also plans to transform the existing pool house into an amenity center with a gym and build a new leasing office alongside Milford Mill Road.
Transwestern’s Mid-Atlantic Multifamily Group that represented the seller in the transaction included Executive Vice Presidents Dean Sigmon and Robin Williams, Vice President Justin Shay, and Senior Associate Michael D’Amelio.
While the current economic climate has had a negative impact on multifamily occupancy in most major markets, Baltimore outperformed the national trend. The metro’s occupancy rate in stabilized assets stood at 95.3 percent as of December 2020, 80 basis points above the national average, while marking an increase of 60 basis points year-over-year, according to a recent Yardi Matrix report. Baltimore rents also showed a positive trend, rising 40 basis points to $1,426 on a trailing three-month basis through January 2021, while the overall national rate remained flat.