Greysteel Arranges $37M Multifamily Asset Sale

President & CEO Ari Firoozabadi and Senior Investment Associate Ari Azarbarzin represented the seller of the 417-unit Maryland property. The new owner plans to upgrade the 1964-built asset.

By Timea Matyas

Greysteel has brokered the $37.5 million sale of The Homes of Towne Plaza, a 417-unit community in Joppa, Md. Ari Firoozabadi, president & CEO, and Senior Investment Associate Ari Azarbarzin acted on behalf of Weiss Brothers, the seller and previous manager of the property. Blue Ocean purchased the asset, with the sale representing the property’s first change of ownership since its completion in 1964.

Located at 311 Trimble Road in Harford County, The Homes of Towne Plaza is a townhome and garden-style community that spreads on approximately 40 acres of land. The property is in near proximity of retail and entertainment options, as well as manufacturing facilities and industrial parks. The asset is within a 30-minute drive of downtown Baltimore, where last year Greysteel also closed the sale of Portside, a 150-unit affordable community.

According to Yardi Matrix data, the 10-building asset comprises one-, two- and three-bedroom units, ranging in size between 750 and 1,080 square feet. Property amenities include a tennis court, playground and 920 parking spaces. At the time of the sale, the community had an 88.7 percent occupancy rate.

“With Blue Ocean’s forthcoming comprehensive renovation plan, The Homes of Towne Plaza will be positioned to offer unrivaled management services, amenities and unit upgrades relative to the local submarket,” said Azarbarzin, in prepared remarks.

Images courtesy of Greysteel

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