Lincoln Avenue Capital has acquired Canal Courts and Lanvale Towers, a 321-unit fully affordable multifamily asset in Baltimore, for approximately $14 million. National Equity Fund provided the buyer with a $14.3 million acquisition and development loan. The seller, Liberty Cos., had purchased the asset from Oxford Realty in late 2005 for $10.9 million, according to Yardi Matrix data.
Located at 1300 E. Lanvale St. in Baltimore’s Washington Hill/Little Italy submarket, the community is within 1.5 miles of Interstate 83 and 2 miles from downtown. The asset is close to the North Avenue retail corridor, home to a variety of shopping and dining options. A Baltimore CityLink line serves the area. The community, constructed in 1971 in two phases, contains studio and one- to four-bedroom apartments, with floorplans ranging from 411 to 1,648 square feet.
Recently, Lincoln Avenue also acquired a fully affordable asset near Sacramento, Calif., for more than $6 million. San Jose Apartments includes 121 units.
Image courtesy of Yardi Matrix