Rowhouses Up for Auction in Patterson Park; COPT Sells Assets for $20.7
- Nov 06, 2011
Grady Management based in Silver Spring wants to auction off its 103 rowhomes located in the Patterson Park area in Baltimore. The owner is looking to sell the Harbor House portfolio in bulk rather than in pieces.
The first open house for the properties was November 1. Other property inspections are scheduled for November 8, 15, 22, 29 and on Monday, December 5 at 2 S. Patterson Park Ave.
Grady Management has owned the homes for the last 10 years and recently renovated them. Now, the Silver Spring private equity firm wants to sell in order to redeploy its capital. The portfolio contains 103 homes. Some of them, however, comprise multiple residences, so the unit total is 108. The average unit is just over 1,100 square feet and rents for $975 a month, utilities not included. The property is currently 88 percent occupied.
The suggested opening bid is $3,750,000, just over $36,000 per house. The auction is scheduled to begin at noon on December 6 at the Westin BWI, in Linthicum Heights.
In other real estate news, Corporate Office Properties Trust (COPT) has sold two properties in Hunt Valley and Towson for $20.7 million as part of the Company’s Strategic Reallocation Plan. COPT sold a 36,000 square foot building in the Hunt Valley Business Center for $4.7 million, as well as its Towson Portfolio, four buildings totaling 179,000 square feet, for $16 million.
Both deals were closed in September and were included as part of COPT’s quarterly report. Earnings were down, compared to a year ago. COPT earnings came in at 3 cents per share or $2.5 million which was even below the $4.8 million or 8 cents per share reported last year. Since launching the firm’s reallocation plan in April, the company has sold eight buildings for about $25 million