SVN REALSITE, a leading edge commercial real estate brokerage and advisory firm based in Baltimore, MD has arranged the sale of 1015-1017 Cathedral Apartments, located in the heart of Mt. Vernon. This sale marks the 90th apartment building SVN REALSITE has sold in Mt. Vernon.
The transaction was brokered by Justin Verner, Senior Advisor and leader of SVN REALSITE’s Multifamily Practice, and Brooks Healy, SVN REALSITE Advisor. SVN served as the exclusive advisor and agent for SMJ Baltimore in the disposition.
This 2 building, 8,930 square foot mixed use property was built in 1900 and consists of nine apartments and two retail spaces. The property saw some recent updates and features hardwood floors, newer kitchens, and ceramic tile bathrooms. A large enclosed garage sits at the rear of the property.
Situated in historic Mt. Vernon, 1015-1017 Cathedral is located several minutes' walking distance to many Zagat-rated restaurants, a grocery store, and cultural landmarks including the Washington Monument, the Walter's Art Museum, the George Peabody Library, and the Belvedere Hotel. University of Maryland Medical Center’s Midtown Campus, University of Baltimore, and Maryland Institute College of Art are located minutes away.
According to Verner, “We continue to see a high level of buyer interest from outside the state for middle market Baltimore Metro multifamily product. The VA based buyer was attracted to this well-located asset in Mt. Vernon and the ability to garner a higher yield compared to a similar product in their home market."
The SVN REALSITE Multifamily Team specializes in middle market apartment investment sales throughout the Baltimore Metro area. For additional information, visit the multifamily section of their homepage at www.svnrealsite.com and follow them on Twitter @svnrealsite.