Northmarq Secures $5.95 Million Sale of Multifamily Asset
Northmarq's Mid-Atlantic Investment Sales team has proudly achieved the sale of The Baltimorean, a well-regarded 66-unit multifamily community. This property, which transacted for $5.95 million, is strategically situated near a major educational institution, Johns Hopkins University. Its prime location makes it a desirable asset within the real estate market.
Details of the Baltimorean Multifamily Community
The Baltimorean is not just any apartment complex; it has a history dating back to 1927, providing timeless appeal in Charles Village. The property boasts a diverse range of residential options, offering studios and one- and two-bedroom apartments. Each unit averages an inviting 385 square feet, ensuring comfortable living spaces for residents.
Features and Amenities
Residents of The Baltimorean enjoy a variety of amenities designed for convenience and leisure. The building is equipped with two elevators, enhancing accessibility throughout the community. A dedicated fitness room is available for those seeking an active lifestyle, while a management office and a laundry room ensure the needs of tenants are efficiently met.
Transaction Team and Representation
In this transaction, Northmarq effectively represented the seller, 2905 N. Charles Street LLC, while the buyer was Real Estate Dimensions. The accomplished team was led by Northmarq Senior Vice President Ari Azarbarzin, who was supported by Senior Associate Anthony Pino, Investment Sales Analyst Wallace Halpert, and Associate Jamie Grant. Their collaborative effort highlights Northmarq's commitment to delivering seamless transactions in the competitive market.
Client Perspectives on the Sale
Ari Azarbarzin, expressing pride in representing the seller, stated, "The Baltimorean is an iconic asset in Charles Village and stands across the street from the city's anchor institution, Johns Hopkins University. Our team was honored to have had the opportunity to represent the seller in this transaction and congratulates Real Estate Dimensions on acquiring an exceptional property." Such insights reflect the significance of this transaction and its future potential.
About Northmarq
Northmarq stands out as one of the largest privately held commercial real estate firms across the nation. Combining a nationwide reach with deep-rooted local expertise, Northmarq operates over 50 offices, offering a full suite of services. These services range from debt and equity solutions to investment sales and fund management. With a robust loan servicing portfolio exceeding $78 billion and transactions totaling $69.5 billion in just the last three years, Northmarq exemplifies a company dedicated to fostering strong client relationships and delivering impactful results.
Frequently Asked Questions
What type of property was sold by Northmarq?
Northmarq sold a 66-unit multifamily community known as The Baltimorean.
Who was involved in the transaction?
The transaction involved seller 2905 N. Charles Street LLC and buyer Real Estate Dimensions, with representation from Northmarq's investment sales team.
What amenities does The Baltimorean offer?
The Baltimorean features elevators, a fitness room, a management office, and a laundry room to enhance resident convenience.
When was The Baltimorean built?
The Baltimorean was constructed in 1927, showcasing its historical significance in the area.
What is Northmarq's focus as a real estate firm?
Northmarq focuses on providing comprehensive commercial real estate services including debt, equity, investment sales, and loan servicing.
