Castle Lanterra Buys Apartment Asset in Baltimore’s CBD
- Jan 18, 2015
Marcus & Millichap recently released its National Apartment Research Report for 2015. The real estate services firm said that the low interest rates in the Baltimore area will motivate investors to make more acquisitions this year, expanding the buyer pool and creating competition for properties in the metro.
The year has just started and a Baltimore multifamily property has already changed hands. According to The Baltimore Business Journal, RWN Development Inc., a Maryland-based company, has sold the apartment building at 222 Saratoga E. Saratoga Street, in the Central Business District, to Castle Lanterra. It is the New York-based company’s first acquisition in the Baltimore market.
Once a warehouse building, originally constructed in 1916, 222 Saratoga was converted into contemporary loft style apartments in 2004. It now offers 77 studios, one- and two-bedroom apartment homes.
RWN sold 222 Saratoga for $13.5 million. It paid $14.5 million to acquire the property in 2006. Ideal Realty Group represented RWN in the sale of the building. The new owners plan improvements to the property and will replace vacant retail space on the first floor with a leasing office and other amenities.
Photo credit: RWN Development Inc.