HASTA Capital has acquired The Zenith, a 21-story, Class A-plus, high-rise apartment community in Baltimore, Md. Located in the center of the city’s downtown district, The Zenith features 191 apartments as well as 6,340 square feet of ground-floor retail.
The Zenith is located in an area of landmark structures. It stands directly across the street from the home stadium of Major League Baseball’s Baltimore Orioles, providing 13 of its apartments with stadium views into Oriole Field at Camden Yards. The property is also located adjacent to the University of Maryland Medical Center.
HASTA intends to undertake substantial upgrades to the 14-year-old property’s common areas and amenities, as well as to its apartment homes.
“The COVID-19 pandemic has posed a challenge for many central business district-located properties,” HASTA CEO Mark Hafner told Multi-Housing News. “The benefit of being highly walkable to major employment centers is negated when people are working from home instead of going into the office each day. Additionally, in the case of The Zenith, many of the nearby graduate school programs went to online-only formats for the past academic year. However, when investing it’s critical to take a long-term view. We will emerge from the pandemic and people will return to offices again. When they return, we will see robust absorption for highly walkable, urban CBD-located properties.”
The Zenith represents the seventh Mid-Atlantic region acquisition for HASTA, which reports once renovations are complete, the property will become a premier place to reside in downtown Baltimore. In a statement, HASTA officials expressed belief in the health care and education sectors as drivers of U.S. economic growth. The Zenith is an example of HASTA’s high-quality, well-situated asset acquisition strategy, they said.
Two months ago, a fall 2020 market report indicated the Baltimore multifamily rental market had fared comparatively well during the pandemic year of 2020.