SVN REALSITE, a leading commercial real estate brokerage and advisory firm based in Baltimore, MD has arranged the sale of Westchester Gardens Apartments, located in Northwest Baltimore for $2,650,000.
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 Sage Management in the disposition.
The property is a 48,000 square foot garden apartment community consisting of 46 units. The purchaser is based in the DC area; this transaction marks their first purchase in the Baltimore area. Value add opportunities exist via renovation and bringing rents to market as well as bringing online 4 additional shell units.
Situated in the Windsor Hills neighborhood of Northwestern Baltimore, the property is located in close proximity to many parks and green spaces, Coppin State University, Baltimore City Community College, The Maryland Zoo, Mondawmin Mall, and Forest Park Golf Course. Major employers of the area include the Social Security Administration, which employs 1,600 people at its Baltimore office, and University of Maryland Rehabilitation and Orthopaedic Institute.
According to Verner, “The sale of Westchester Gardens marks yet another out of area buyer seeking higher yields in the Baltimore marketplace. The buyer was attracted to the suburban style setting and value add potential.”
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.