Lowe JV Buys 304-Unit B’more Community
- Jul 13, 2017
Lowe Enterprises Investors, together with a foreign investment client, acquired a 304-unit East Baltimore luxury community from Jefferson Apartment Group. The Class A Jefferson Square at Washington Hill is situated next to the Johns Hopkins Hospital and was completed in 2015. The Virginia-based investments firm will continue to act as property manager.
The asset, located at 101 N. Wolfe St., traded for an undisclosed amount. However, prior to the transaction, the property was subject to a $44.8 million construction loan originated and held by Wells Fargo, Yardi Matrix data shows. According to public records, the property’s most recent assessment estimates its value at roughly $56.6 million.
Great location, highly amenitized community
The pet-friendly Jefferson Square offers a long list of high-end, on-site amenities, including:
- 24-hour business center and conference room
- yoga space
- media room and clubroom
- resort-style pool
- fully equipped fitness center
- courtyard with fireplace and grilling area
- enclosed garage
- 24-hour concierge service
- extra storage space
- Zipcar and bicycle storage
The East Baltimore community also includes 20,000 square feet of street-level retail with the tenant roster including CVS, BB&T bank, Urban BBQ and Ledo Pizza.
“This premier property has an unparalleled location at the front door to the Johns Hopkins campus with its more than 20,000 employees. In addition, it is adjacent to The Science & Technology Park, a 31-acre corporate research campus,” said Brad Howe, co-CEO of Lowe Enterprises, in prepared remarks. “It provides not only the most convenient location for employees and students but also top-tier, modern residences, offering the most sought after on-site amenities.”
John Gaghan closed on the deal on behalf of Lowe Enterprises. The seller was represented by JLL.
Images courtesy of Jefferson Square at Washington Hill website