Baltimore Community Sells for $31M
- May 25, 2017
The 390-unit Marble Hall Gardens, a Class C multifamily property in Baltimore, traded for $31 million. Greysteel closed the transaction on behalf of the seller, Tryko Partners. The asset includes a 97-unit master lease with Morgan State University—which is located nearby—also offering the opportunity of ground-up development of roughly 75 additional units.
Marble Hall Gardens last traded in 2007, when Tryko Partners acquired the community from Lightstone Group for $13.2 million, Yardi Matrix data shows. It previously changed hands in 1996, when Collins Group sold it for $8 million, and it seems that the property’s 10-year ownership cycle is going forward. The asset has been on the market for quite a while prior to the most recent sale, with Greysteel having announced in January 2016 that it has been retained as exclusive advisor and agent.
Located at 4200 Loch Raven Blvd. on 24 acres, the 14-building garden-style community is situated just off Route 542, a major north-south corridor in the area offering direct access to downtown Baltimore. The community was completed in 1943 and features 277 one- and 113 two-bedroom units with an average size of 637 square feet. According to Yardi Matrix data, the property was 98.2 percent occupied as of April 2017, with an average monthly rate of $783.
Image courtesy of Yardi Matrix