(To read more on the multifamily market, click here.)
BALTIMORE-A joint venture between Hirschfeld Properties LLC of West Hartford, CT, and Greenwich, CT-based Starwood Capital Group Global LLC has acquired a 3,192-unit multifamily portfolio in Maryland for an undisclosed price. The seller is a joint venture of Morgan Stanley, Onex Real Estate Partners, which has offices in Toronto and New York City, and Sawyer Realty Holdings, which has offices in offices in Massachusetts, Maryland and Georgia.
CBRE's Baltimore office represented the seller. The five-asset portfolio is located throughout suburban Baltimore: two are in the city; the others in Ellicott City, Cockeysville and Laurel.
Jeff Hirschfeld, a principal with Hirschfeld Properties, tells GlobeSt.com that the portfolio's occupancy rate is more than 90%. "Some of the assets are value-add opportunities in terms of rents, occupancy and capital improvements that we will be making."
Of the 3,192 units about 800 will be completely renovated, he says. All of the properties will have landscaping upgrades and other cosmetic improvements. The Laurel-based asset will be completely renovated. Hirschfeld says the joint venture is investing roughly $10 million in the upgrades.
Bank of America provided the senior debt financing.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
