Gellar Associates Acquires Baltimore Asset
The buyer, Geller Associates, opted to finance the acquisition under Fannie Mae's Green Rewards program and will implement energy and water saving measures.
Geller Associates has acquired Fox Crossing, a 117-unit community in Baltimore. L3C Capital Partners sold the property for $10.4 million, according to Yardi Matrix. Hunt Real Estate Capital arranged an $8.5 million Fannie Mae acquisition loan on behalf of Geller Associates.
Fox Crossing is located at 6410 Walther Ave., in Baltimore’s Hamilton submarket. The six-building community comprises 18 studios, 75 one-bedroom, 18 two-bedroom and six three-bedroom units, ranging from 440 to 1,890 square feet. Residents have access to 146 surface parking spaces. Other features at Fox Crossing include on-site management, laundry facilities and a barbecue area.
The property is near several major thoroughfares and points of interest. U.S. Route 1 (Belair Road) is less than a mile away and features a plethora of retailers, restaurants and entertainment venues. There are 10 schools in a 3-mile radius and Downtown Baltimore is just under 8 miles away.
“The borrower is financing the property under Fannie Mae’s Green Rewards program and will implement energy and water saving measures at the property,” said Steven Cox, managing director at Hunt Real Estate Capital, in a prepared statement.
According to Yardi Matrix, the property previously traded in 2014, when L3C Capital Partners closed on a three-property, $19.7 million portfolio acquisition from Multi Properties.
Photo courtesy of Yardi Matrix