Promark Buys Baltimore-Area Community

The firm acquired the 54-unit Class B community in Glen Burnie, Md., for more than $7 million, using a $6.1 million acquisition loan.
Glen Burnie Town

Davenport Investments has sold Glen Burnie Town, a 54-unit Class B multifamily asset in suburban Baltimore for $7.2 million, according to Yardi Matrix. Hunt Real Estate Capital provided $6.1 million in acquisition financing to Promark Partners, the buyer. In November, Hunt also provided $9 million in financing for the purchase of a 92-unit student housing portfolio in Virginia.

Located at 201 N. Crain Highway in Glen Burnie, Md., Glen Burnie Town provides easy access to the Thurgood Marshall Airport and is 12 miles from downtown Baltimore. The four-story building is near the Baltimore Annapolis Boulevard retail corridor and is served by three public transportation routes.

The community contains one-, two- and three-bedroom apartments, with floorplans ranging from 693 to 1,021 square feet. The property’s amenities include a 24-hour fitness center, club room, basketball court and 110 spaces of covered parking. As of October, the asset was 100 percent occupied, per Yardi Matrix data.

Image courtesy of Yardi Matrix