BALTIMORE — Greysteel, a national commercial real estate investment services firm, has arranged the sale of a 14-building portfolio in Baltimore. The deal consisted of six multifamily properties and eight single-family homes.
Aaron Inman, Kyle Tangney and Herb Schwat of Greysteel negotiated the transaction on behalf of the seller, an undisclosed private investor from Prince George’s County, Maryland. The undisclosed buyer is a joint venture of a family office from the New York area and a private equity firm from North Carolina.
The properties have been managed by a sole private capital operator for the past 10 years and rents are roughly 15 percent below market. All units in each of the 14 buildings were renovated prior to sale and feature amenities such as larger closet space and in-unit washer and dryer systems.