Baltimore-Area Community Changes Hands for $8M
- Jun 15, 2018
Blue Ocean has sold Ivy Crossing at Catonsville, a 93-unit multifamily property in suburban Baltimore, for $8 million. Gresyteel brokered the transaction on behalf of the seller.
The property is located at 128 Nunnery Lane in Catonsville, Md., a 16-minute drive west of downtown Baltimore. The site provides easy access to interstates 695, 70 and 95, as well as Route 40. Patapsco Valley State Park is a 12-minute drive away, while University of Maryland-Baltimore County is just above two miles of the community.
Constructed in 1946, Ivy Crossing provides a variety of two-bedroom units and 12 garages. The new owner plans to continue the renovation works.
Greysteel President & CEO Ari Firoozabadi and Senior Investment Associate Ari Azarbarzin facilitated the deal. Last month, the brokerage team arranged the $37.5 million sale of a 417-unit community also located in the Baltimore area.
“New ownership intends to continue the interior unit renovation program, while enhancing the property with some critical community amenities and additional management services,” said Azarbarzin, in prepared remarks.
Image via Google Maps