BALTIMORE, MD–A foreign buyer has acquired Marble Hall Gardens, a unique multifamily property that is 80% master leased to Morgan State University. The rest of the apartments are market-rate. The property traded for $31 million, a price well above the rest of the market, Greysteel's Ari Azarbarzin tells GlobeSt.com.
Azarbarzin and his colleagues Ari Firoozabadi, W. Kyle Tangney, Rawles M. Wilcox, Alicia Orkisz and Herbert Schwat arranged the transaction.
The seller is based out of New Jersey.
Marble Hall Gardens, built in 1947, is a 390-unit community located at 4300 Marble Hall Rd.
The buyer liked the asset because essentially 80% of the rents are guaranteed, Azarbarzin says. “It also believes there is room to improve the student housing component,” he says.
Marble Hall Gardens is also close to the Marketplace at Fells Point, a $41 million project featuring new shops and restaurants, and Harbor Point, the city's leading waterfront development.
BALTIMORE, MD–A foreign buyer has acquired Marble Hall Gardens, a unique multifamily property that is 80% master leased to Morgan State University. The rest of the apartments are market-rate. The property traded for $31 million, a price well above the rest of the market, Greysteel's Ari Azarbarzin tells GlobeSt.com.
Azarbarzin and his colleagues Ari Firoozabadi, W. Kyle Tangney, Rawles M. Wilcox, Alicia Orkisz and Herbert Schwat arranged the transaction.
The seller is based out of New Jersey.
Marble Hall Gardens, built in 1947, is a 390-unit community located at 4300 Marble Hall Rd.
The buyer liked the asset because essentially 80% of the rents are guaranteed, Azarbarzin says. “It also believes there is room to improve the student housing component,” he says.
Marble Hall Gardens is also close to the Marketplace at Fells Point, a $41 million project featuring new shops and restaurants, and Harbor Point, the city's leading waterfront development.
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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.
