Jones Lang LaSalle Closes $190.1M Sale of Metro Baltimore Multifamily Portfolio
- Jul 26, 2011
Baltimore–Jones Lang LaSalle announced the firm’s Capital Markets experts closed the sale of a portfolio of multifamily properties in metropolitan Baltimore, Md. Harbor Group International purchased the six-property, 1,984-unit portfolio for $190.1 million from SRH/CMS Berkshire LP.
Leading the Jones Lang LaSalle team on this assignment were Managing Directors Al Cissel and Scott Melnick and Senior Vice President Christine Espenshade.
“This portfolio, while all in the same submarket, offers a range of different product types for potential renters making it appealing on numerous levels,” says Cissel. “There was a significant amount of interest in the portfolio due to its size, as we continue to see investors looking for large acquisitions that offer increasing cash flow and economies of scale.”
The properties included in the portfolio are:
-Crosswinds at Rolling Road, 808 units at 7500 Hithergreen Drive in Baltimore.
-Diamond Ridge, 92 units at 2 Heatherton Court in Windsor Mill, Md.
-The Glens at Rolling Road, 270 units at 2300 Noonham Road in Baltimore.
-Granite Run, 264 units at 7414 Brixworth Court in Windsor Mill, Md.
-Rolling Wind, 280 units at 2420 Bibury Lane in Windsor Mill, Md.
-Stratton Meadows, 270 units at 4 Heatherton Court in Baltimore, Md.
All of the properties are situated near the intersection of the Baltimore Beltway (I-695) and I-70.
Canyon-Johnson Urban Funds acquires a 125-unit community in Dallas
Dallas—Canyon-Johnson Urban Funds, a joint venture between Canyon Capital Realty Advisors and an affiliate of Magic Johnson Enterprises, has purchased the Dylan, a 125-unit community in the Oak Lawn neighborhood in Dallas. The property was built in 2009 as for-sale condos, but will continue to be operated as an apartment community.
“The Dylan is located within an infill area that will benefit from Dallas’ healthy population growth,” says Neville Rhone, managing director at Canyon-Johnson Urban Funds. “We are seeing both a sharp increase in multifamily demand and a serious shortfall in new supply, which bodes well for the future of well-appointed, centrally located apartment properties like The Dylan.”
The Dallas-Fort Worth region has seen vacancy rates drop from 10.7 percent in 2009 to 7.8 percent in 2011.
The community consists of 90 apartments and 35 townhomes. Community amenities include a fitness center, business center and swimming pool.
GFI sells a 22-unit Queens community for $1.5M
Queens, N.Y.—GFI Realty Services has sold a 22-unit garden-style community in the Jamaica section of Queens for $1.5 million. The two-story walk-up building is located at 186-03 Henderson Avenue. The undisclosed buyer bought the property on an all-cash basis and has a renovation campaign in the works.
“Because the property was exclusive to GFI, we were able to utilize our large network of industry contacts to find the best investor for this property and sell it at the right price,” says Yosef Katz, a senior broker at GFI.
The two-story building was built in 1951 and is close to a retail corridor that includes the likes of Old Navy, The Gap, Walgreens and Ben and Jerry’s.