Baltimore—Greysteel‘s Mid-Atlantic multifamily investment sales team, led by Ari Firoozabadi, John F. Mullen, W. Kyle Tangney and Lance Ahmadian, has been named the exclusive advisor and agent for the sale of Marble Hall Gardens, a 390-unit multifamily community.
Located in close proximity to Morgan State University in Baltimore, Marble Hall Gardens is spread over 24-acres and offers new ownership the opportunity for additional density through ground-up development of about 75 additional units. The property has a mix of 277 one-bedroom and 113 two-bedroom units with an average rent of $945.50 and an average square footage of 637. There is also a 97-unit master lease with Morgan State University, which lessens market risk.
Marble Halls Garden is just off Loch Raven Boulevard, one of the city’s main north-south routes, allowing access to major employers in the Greater Baltimore Metro Area, such as Medstar Good Samaritan Hospital and Johns Hopkins Hospital and Health Systems. Residents are also in close proximity to downtown Baltimore’s latest mixed-use developments, including the Marketplace at Fells Points, a $41 million project that features new shops and restaurants, and Harbor Point, the city’s leading waterfront development.
“Marble Hall Gardens is a unique asset that is a blend of conventional and student housing. The current ownership has done a tremendous job of adding value by extending the master lease with the University, securing below-market, assumable financing and investing significant capital to the property’s infrastructure,” said Ahmadian. “An investor is buying into a lucrative partnership with a growing university, has the opportunity to add value through development and is limited on capital investment upon acquisition. This is hard to find in today’s market.”
Image courtesy of Greysteel