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Gelfund Lays Out $40M for Two Value-Add Apartments in Baltimore
Transwestern Real Estate Services has brokered the sale of two value-add communities in Glen Burnie, MD: Annabal Apartments, with 150 units on Furnace Branch Road and Glen Burnie Town Apartments, with 55 units on Crain Highway N.
Promark Properties sold the assets to Gelfund Real Estate Opportunities for $40.2 million, or $197,059 per unit. Transwestern’s Dean Sigmon, Robin Williams, Justin Shay and Michael D’Amelio brokered the transaction on behalf of the buyer and seller.
“Both assets are well-located in a dynamic market and provide the ability to maximize value through strategic capital improvements as well as economies of scale from other locally owned Gelfund properties,” said Williams.
“We continue to see strong interest for value-add workforce multifamily properties throughout the Baltimore and Washington regions,” added Sigmon. “The Glen Burnie and Anne Arundel County apartment markets have performed well with an extremely low historical vacancy rate and solid rent growth.”
Photo courtesy of Transwestern
- ◦Sale/Acquisition
