A 25-unit apartment portfolio on historic Auchentoroly Terrace near the Maryland Zoo has changed hands.
Local investor Astoria Charm Property Management acquired the set of Northwest Baltimore properties last month for an undisclosed price, said Justin Verner, president of Harbor Stone Advisors, who brokered the deal with his colleague Brooks Healy. The deal attracted a bidding war between local and out-of-state investors for the properties that rent for lower-than-market rates despite their upgrades and modern amenities, he added.
The deal is the latest sale in the Greater Baltimore multifamily market that last year posted record sales, data from the fourth quarter shows. Investors, fueled by low interest rates, strong equity and portfolio growth strategies, have scooped up several developments across the city and counties for the past 12 months — despite the pandemic.
“We are experiencing an influx of capital-seeking middle-market multifamily investments in the Baltimore Metro area,” Verner said Monday. “The majority of these deals are being purchased by out-of-state investors. Our group has seen an unprecedented amount of recent investment activity in this market with 15 multifamily assets currently under contract.”
The Auchentoroly Terrace area became a city-designated historic district in 2004. It is also a National Register Historic District.
The community holds a total of 104 buildings in eight groups of Renaissance Revival brick rowhouses and two mansion houses. The first rowhouses were built on Auchentoroly in the late 1800s, according to the Commission for Architectural and Historical Preservation website.
Verner said the 25 apartments at 3200 Auchentoroly Terrace have one and two-bedroom units. They sit near a newly renovated, former vacant mansion house at 3400 Auchentoroly Terrace that was redeveloped by a private group of developers a couple of years ago into 16 modern, energy-efficient apartments.
The sale of the apartment portfolio is one of about 65 Harbor Stone has closed over the past 12 months in the Class B and Class C markets. Most are developments with a minimum of 10 units, with some holding about 100 units, Verner said.