Northmarq's Recent Success in Apartment Completions
Northmarq, a leader in the commercial real estate sector, has recently concluded a significant transaction involving a $5.95 million sale of an apartment community, known as The Baltimorean. This vibrant multifamily community, comprising 66 units, is strategically located across from a major educational institution. The skilled Mid-Atlantic Investment Sales team at Northmarq executed this sale with remarkable expertise.
Details of The Baltimorean Property
The Baltimorean community, established in 1927, features a distinctive architecture and offers a blend of studios as well as one- and two-bedroom apartments. Each unit averages around 385 square feet, creating a cozy living environment. The property is complemented by several amenities, including two elevators, a fitness center, a management office, and dedicated laundry facilities.
Transaction Participants
In this transaction, Northmarq represented the seller, 2905 N. Charles Street LLC, while the buyer was Real Estate Dimensions. The deal was spearheaded by Northmarq's Senior Vice President, Ari Azarbarzin, along with a committed team that included Senior Associate Anthony Pino, Investment Sales Analyst Wallace Halpert, and Associate Jamie Grant. Notably, this sale marks the property’s first change of hands since 1994, making it a historic event for both parties involved.
Impact of the Sale on the Community
Located in a thriving area, The Baltimorean stands as an iconic asset within the community of Charles Village. The proximity to one of the city’s anchor institutions adds considerable appeal for future residents. As Azarbarzin noted, the opportunity to represent the seller and facilitate this transaction was a notable achievement for the Northmarq team. The acquisition by Real Estate Dimensions signifies a positive outlook on the local real estate market and the demand for quality multifamily housing.
About Northmarq
Northmarq is recognized as one of the largest privately held commercial real estate firms in the United States, with a robust presence across the nation. The company boasts more than 50 offices, providing an extensive range of services including debt and equity financing, investment sales, loan servicing, and fund management across various property types. Their unique organizational structure enables them to pair clients with optimal opportunities while ensuring access to specialized knowledge and expertise.
Notable Achievements
Over recent years, Northmarq has managed a loan servicing portfolio exceeding $78 billion, alongside facilitating transactions totaling $69.5 billion. This impressive performance underscores their capability and dedication to delivering results in every market they engage. Northmarq emphasizes collaboration and strategic partnerships, ensuring that clients achieve their real estate goals efficiently.
Contact Information for Inquiries
For additional information regarding their services or this particular transaction, interested parties can reach out to Northmarq's media contact:
Steve Vitoff
Northmarq
516 652 0785
404978@email4pr.com
Frequently Asked Questions
What is The Baltimorean?
The Baltimorean is a multifamily community consisting of 66 units, historically significant and located across from a renowned university.
Who represented the seller in this transaction?
Northmarq represented the seller, 2905 N. Charles Street LLC, in the sale.
What amenities does The Baltimorean offer?
The Baltimorean offers amenities like two elevators, a fitness room, a management office, and a laundry room.
When was The Baltimorean built?
The Baltimorean was constructed in 1927.
What services does Northmarq provide?
Northmarq offers a wide range of services including debt, equity, investment sales, loan servicing, and fund management.
