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.”
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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