Multifamily Community Trades for $30M in North B’More
Harbor Group International sold the 237-unit Belvedere Towers Apartments five years after it acquired the asset for a little over $26 million.
By Bogdan Odagescu, Associate Editor
Blue Ocean bought the property from Norfolk, Va.-based Harbor Group International for a little over $30 million, or approximately $127,000 per unit. The Hampton Roads company acquired the asset in partnership with Philadelphia-headquartered private equity fund manager LEM Capital. The property last traded in late-2011, when Morgan Properties sold the asset for $26.1 million.
Built in 1965, Belvedere Towers is located at 1190 West Northern Parkway—very close to Interstate 83 and within a 15-minute drive from downtown. The property sits on a 5.6-acre lot and offers four studios, 97 one-, 62 two- and 73 three-bedroom units. With floor plans ranging between 600 and 1,571 square feet, the community recorded an average rent of $1,514 in 2015, according to Yardi Matrix.
The nine-story multifamily community in Baltimore includes subterranean parking, washers and driers in select units, 18 laundry facilities, fitness center, outdoor pool and monitored security.
Image courtesy of Yardi Matrix