Large South Baltimore Multifamily Portfolio on The Market
- May 23, 2014
Another large Baltimore-area multifamily portfolio is on the market. The 132-unit Curtis Bay Village, located off Route 173 in Curtis Bay, is looking for new owners.
The property was constructed in 1940. It consists of 47 two- and three-story buildings. Curtis Bay Village offers efficiency, one-, two-, and three-bedroom units, as well as 13 townhomes, ranging in size from 400 square feet to over 1,600 square feet. Most of the units have received kitchen and bath renovations.
The property enjoys a great location, close to many important amenities. Within a five mile radius of Curtis Bay Village there are numerous shopping, dining and entertainment destinations. Harrah’s Horseshoe Baltimore Casino will open this year not too far away, adding 1,700 new jobs, and Amazon also plans to construct a fulfillment center in the area.
The Greysteel Company’s Mid-Atlantic multifamily investment sales team is the exclusive advisor and agent for the sale of Curtis Bay Village. The team includes Ari Firoozabadi, John F. Mullen, W. Kyle Tangney, Lance Ahmadian, Caleb Brown, Mike Bediones and Jake Ying. An asking price for the property has not been announced yet.
“Curtis Bay Village offers a rare opportunity to own a diverse 132-unit portfolio of multifamily and row home properties with value-add potential within minutes of downtown Baltimore,” John Mullen, director of multifamily investment sales, said in a press statement. “The submarket is growing as new jobs are added with the addition of Amazon’s warehouse and Harrah’s casino in close proximity,” according to Mullen.
In the past six months, several large multifamily portfolios have changed hands or have been put up for sale by their owners. In Howard County, two apartment communities with 348 units have sold for $68 million. A 500-unit portfolio in Windsor Mill was acquired by a joint venture last December, while Blue Ocean Realty purchased the 720-unit Millbrook Park Apartments in Pikesville. Two apartment communities in Anne Arundel County, with over 450 units, are also waiting for a new owner.
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Photo credits: Greysteel