10C — April 2023 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
www.marej.com
O wners , D evelopers & M anagers
A shovel-ready development site in Midtown Baltimore, MD Inman, Tangney and Schwat of Greysteel arrange the sale of The Apartments At Park
B ALTIMORE, MD — Greysteel , a national commercial real estate investment services firm, has arranged the sale of the Apart - ments at Park in Baltimore, MD. Senior associate Aaron Inman , senior managing di- rector Kyle Tangney and senior director Herb Schwat of Greysteel’s Mid-Atlantic Multifamily team negotiated the transaction on behalf of the seller and served as the sole broker on this transaction. Located at 814 Park Ave., the apartments at park is just a few blocks north of Down - town Baltimore in Midtown
814 Park Ave.
Mount Vernon Baltimore. The seller plans to exit the Down - town Baltimore market and the buyer intends to complete the approved plans to add an additional 5 story multifamily building to this site as well as making improvements to the existing apartments. This transaction brings much needed new residential inven - tory to Midtown Baltimore in the Mount Vernon corridor which saw some of the highest population growth out of all Baltimore City neighborhoods in 2022. ‘’This deal was especially dif - ficult given the existing vola - tile lending terrain and the sharp increase in construction costs during the contract pe - riod as well as longer approval period at Baltimore City due to covid related delays. Nonethe - less we were able to close this transaction at 100% of the pricing guidance and enter contract a short private mar - keting process.” Said senior associate Aaron Inman. MAREJ accessible from a smartphone. Embracing these innovations improves the tenant experience and engagement and provides a comfortable and pleasant work - ing environment. The owners, managers, investors, and devel- opers of commercial real estate properties should be aware of technological trends and smart building innovations and con - sider incorporating them into future projects. Alicia Mynarska is a senior manager at Withum. MAREJ continued from page 3C Trends and Benefits in Smart . . .
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