4C — November 18 - December 22, 2022 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
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O wners , D evelopers & M anagers
Inman, Schwat and Tangney served as broker on 1613 Elrino St. sale Greysteel arranges the sale of a 30-unit multifamily property in Baltimore, MD
B ALTIMORE, MD — Greysteel , a national commercial real estate investment services firm, has arranged the sale of Elrino Apartments, a 30-unit Multi- family property located in Bal - timore. Senior associate Aaron Inman , senior director Herb Schwat , and senior managing director Kyle Tangney based in the company’s Washington DC office were the sole brokers on this transaction. The property is located at 1613 Elrino Street, 10 min - utes from Canton, Brewers Hill, and Tradepoint Atlantic. It consists of 29 two-bedroom
Aaron Inman
Herb Schwat
Kyle Tangney
apartments and a one-bedroom apartment. This is only the second time this property has traded hands since it was built in 1963. This sale represents continued investment in this area of southeast Baltimore
and a continued dedication to provide high-value workforce housing. The buying company was an out-of-town real estate private equity firm with offices in North Carolina and Brooklyn,
1613 Elrino St.
NY. The buying company plans to complete the renovation of this building and add self- storage facilities on the addi - tional parcel next to the land to increase the value of this site. ‘’This deal traded at an in- place high 4% cap rate and received offers from investment firms ranging from the Carib - bean Islands, Mid-Atlantic USA, and the West Coast in a short 21-day marketing pe - riod and ultimately closed at 98% of the pricing guidance. Despite increasing borrowing costs, the market remains hungry for value-add work - force housing opportunities in transitioning areas like Southeast Baltimore.” – Said Aaron Inman, senior associate, Greysteel Mid-Atlantic Multi - family Team. MAREJ HBC announces plans to repur- pose Lord & Taylor building WESTFIELD, NJ — HBC , through its real estate develop - ment arm Streetworks De- velopment , announced plans to reimagine the former Lord & Taylor building and develop the remainder of its property, along with several town-owned parcels in Westfield, through a sequenced, mixed-use develop- ment. The proposed develop - ment, One Westfield Place, is poised to reinvigorate West - field’s downtown; repurpose un - derutilized buildings and prop- erties; optimize parking; create new housing and commercial spaces; improve pedestrian con - nectivity between residential neighborhoods and downtown; and envision a mobility hub to accommodate alternative modes of transportation around the Westfield Train Station. MAREJ
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