BALTIMORE — Benefit Street Partners sold a two-property portfolio in Baltimore to FPA Multifamily for $73 million on Sept. 11. The combined occupancy rate on that date was 95 percent. Berkadia DC Metro and Berkadia Richmond represented the seller with a team led by Drew White, Brian Crivella, Carter Wood, Bill Gribbin, Yalda Ghamarian and Cole Carns. The seller is based in New York, and the buyer, which assumed a HUD loan in the acquisition, is headquartered in San Francisco.
The portfolio consists of The Lofts, built in 2012, and The Flats built in 2015. The properties are located across the street from each other in South Baltimore. Both communities are LEED Gold certified. Shared amenities include a 5,000-square-foot lounge, a courtyard with grilling stations, a 24-hour fitness center, a rooftop deck with views of the Baltimore skyline and indoor parking with 534 spaces.