Out-of-State Investor Grabs Baltimore Apartments
Sage Management sold the 56,000-square-foot Windsor Arms in a deal facilitated by SVN REALSITE. The community includes market-rate and subsidized units.
By Bogdan Odagescu
Griffin Group of Alpine, N.J., bought Windsor Arms, a 56-unit community in Baltimore. Brokerage company SVN REALSITE represented the seller, Sage Management. This marks the buyer’s first foray in the Baltimore multifamily market. According to public records, the asset previously changed hands in 2002 and 1993.
Located on almost 0.6 acres at 4171 Fairview Ave. in northwest Baltimore, the 56,000-square-foot Windsor Arms includes both market-rate and subsidized units. Coppin State University, Mondawmin Mall, Druid Hill Park and Baltimore City Community College are all located within 3 miles of the property. The list of large employers in the area includes Social Security Administration and University of Maryland Rehabilitation and Orthopaedic Institute.
SVN REALSITE acted as Sage Management’s exclusive advisor and agent. Justin Verner, senior advisor & leader of the firm’s multifamily practice, alongside Advisor Brooks Healy, brokered the sale.
“This purchase was yet another example of an out-of-state buyer seeking higher yields than available in their home market. They will look to further improve the asset and move rents to market,” said Verner, in prepared remarks.
Image courtesy of SVN REALSITE