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Avison Young Brokers $69M Sale of 36-Story Multifam/Retail Mix in Baltimore
Avison Young has brokered the $69.2-million sale of a 36-story high-rise asset downtown Baltimore. The building, 10 Light, includes 419 apartment homes and 41,785 square feet of ground-floor retail space.
Avison Young represented the seller, Halle Companies, while the buyer, FPA Multifamily, LLC, was self-represented.
“This transaction is testimony to the confidence of institutional capital in Baltimore,” said Matt Weber with Avison Young. “The multifamily market has made a swift recovery over the past year and is experiencing strong rental growth and absorption.”
The art deco-style property was built in 1929 for use as the headquarters for Maryland National Bank and was once Baltimore’s tallest skyscraper. In 2015, the building underwent its adaptive reuse transformation and has been experiencing high occupancy for both apartment and retail uses.
The property offers residents a resort-style rooftop pool and 3,000 square feet of lounge space on the 22nd floor with sweeping city and harbor views.
- ◦Sale/Acquisition
