Greysteel to Market B’more-Area Affordable Community

The commercial real estate investment services firm has been retained as exclusive advisor and agent for the sale of Portside Apartments in Dundalk, Md.
The Portside Apartments in Dundalk, Md.

The Portside Apartments in Dundalk, Md.

Dundalk, Md.—Greysteel announced that it is handling the sale of Portside Apartments, a 150-unit multifamily community in Dundalk, Md. The company’s Washington, D.C., team is the exlusive advisor and agent for the property.

Located at 2125 Cameron Drive, just off Dundalk Avenue, the town’s major thoroughfare, Portside Apartments is within Baltimore’s first inner ring. The property is between the I-95 and I-695 transit lines, providing residents easy access to major employers, shopping, dining and entertainment throughout downtown Baltimore.

According to Yardi Matrix data, the 16-building property features 42 one-, 100 two- and eight three-bedroom units. The fully affordable community has a clubhouse, a playground and 275 parking spaces. Portside Apartments last sold in 2005, when Osprey Property Cos. acquired it for $4 million. Built in 1948, the property was placed-in-service under the Section 42 Low Income Housing Tax Credit (LIHTC) program in 2007 and has benefited from several upgrades.

“Portside was rehabbed with a nine percent credit award, so the improvement level of the units and amenity package is top of the submarket. With market rents well below maximum allowable LIHTC rent levels, this is an excellent yield and preservation opportunity for investors,” Greysteel Senior Investment Associate Alicia Orkisz said in a prepared statement.

Recently, Greysteel was also retained to market an 81-unit community in Azle, Texas.

Image courtesy of Yardi Matrix