Bozzuto Sells Baltimore’s Union Wharf Apartment Asset
- Mar 30, 2015
The Bozzuto Group has sold its Union Wharf apartment asset in Fells Point. The property was picked up less than six months after it was put on the market.
Thomas Bozzuto, CEO of the Bozzuto Group, confirmed the sale for the Baltimore Business Journal. Because of a confidentiality agreement, he did not disclose the name of the buyer or the sale price. However, the Business Journal reported on March 25 that the new owner of Union Wharf is I&G Direct Real Estate LP. The firm purchased the apartment complex in a transaction which closed on March 19.
Work on the $72 million mixed-use waterfront community started in December, 2011. Union Wharf opened in mid-2013, bringing 281 upscale apartment homes, 4,500 square feet of vibrant retail, and nearly 500 parking spaces to Baltimore’s historic Fells Point neighborhood. The asset was designed to achieve LEED Gold certification.
Bozzuto’s strategy is to hold on to its apartment assets. But, in this case, Cigna, one of the equity partners in the development of Union Wharf, decided to sell. And Bozzuto agreed. Thomas Bozzuto told the Baltimore Business Journal that he was not an enthusiastic seller. He said that competition for the 281-unit building was intense and that the terms of the sale are likely to create a buzz among investors and developers.
Photo credit: The Bozzuto Group