DUNDALK, MD–A local private investor has sold a 150-unit apartment here to Matt Teichman, the principal of BCI Management. Greysteel arranged the sale of the property, called Portside Apartments, a garden-style community that was placed in service under the Section 42 Low Income Housing Tax Credit program in 2007.
The property was later rehabbed with a 9% credit award.
“With market rents well below maximum allowable LIHTC rent levels, this provided a strong yield and preservation opportunity for the buyer,” according to Alicia Orkisz, who along with Ari Firoozabadi, Ari Azarbarzin and Henry Mathies negotiated the sale on behalf of the seller.
In addition, Orkisz said in a prepared statement, “the improvement level of the units and amenity package is top of the submarket.” The rehab consisted of improvements to the units and electrical systems, building a new multi-purpose room, computer lab, and outdoor community space.
Constructed in 1948, Portside Apartments is located off of Dundalk Avenue, the town's major thoroughfare, and is within the first inner-ring suburbs of Baltimore.
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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.
