Baltimore Student Housing Asset Trades for $43M
- Dec 20, 2016
Baltimore—GMH Capital Partners has acquired Varsity on Charles, a 92-unit, 328-bed off-campus student housing property located adjacent to Johns Hopkins University, the company announced recently. The community was bought from H.B. Northway and has been rebranded as The Academy on Charles. According to the Baltimore Business Journal citing state tax records, the asset traded for $42.7 million.
Situated at 3700 N. Charles St., the community is located just north of the Johns Hopkins campus. The building was completed in 1932 and was last revamped in 2014, when it underwent a complete renovation. It features studios, two-, three- and four-bedroom units with floor plans ranging between 350 and 2,300 square feet, according to Yardi Matrix. The property is currently 96.7 percent occupied.
“This was an opportunity we had kept our eye on since deciding to re-enter the student housing space and our team did a fantastic job bringing it to fruition,” said Gary Holloway Jr., president of GMH Capital Partners, in a prepared statement. “The Academy on Charles is the premier property in the Baltimore market.”
Rendering courtesy of Yardi Matrix