16B — December 27 - January 16, 2020 — Owners, Developers & Managers — M id A tlantic
Real Estate Journal
O wners , D evelopers & M anagers
Firoozabadi and Mathies sold the property on behalf of the sellers Greysteel arranges the sale of a 100-unit senior affordable housing property in Baltimore, MD B city, including Baltimore’s In- ner Harbor.
Agnes Ln. in Baltimore. The property was built in 2002 and consists of 100 units with a mix of one- and two-bedroom units with an average SF of 673. Fairspring Senior Apart- ments is conveniently located within walking distance, or a short bus ride, to five ma- jor shopping centers along Maryland Rte. 40, providing residents multiple options for grocery, pharmacy, bank- ing, exercise, and other retail needs. The property features a stop for the LocalLink #78 bus route, granting access to many destinations within the
ALTIMORE, MD — Greysteel , a national commercial real estate investment services firm, has arranged the sale of Fair- spring Senior Apartments, a 100-unit senior affordable housing property, located in Baltimore, MD. Greysteel CEO, Ari Firooz- abadi and director, Hen- ry Mathies from the firm’s Washington, DC office sold the property on behalf of the sell- ers, Osprey Property Com- panies and Pax-Edwards . The property sold for $7.7M. Fairspring senior apart- ments is located at 1121 Saint
Fairspring Senior Apart- ments is an affordable housing community Placed-in-Service in 2002 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. The property’s 100 units are reserved for tenants aged 62 and over with the following rent restrictions: 5% of units are set aside for those who earn 30% or less of the Area Median Income (AMI), 16% of units at 40% of AMI, 66% of units at 50% of AMI, and 13% of units at 60% of AMI. “The seller operated and maintained the property to the highest level, reducing any immediate needs for capi- tal expenditures for a new investor,” said Mathies. “The quality of the asset and turn- key investment opportunity, coupled with the location in a growing and stable area of Baltimore is what attracted the buyer, Matt Teichman , BCI Management founder and managing partner, to add Fairspring Senior to their Af- fordable housing portfolio in Baltimore. This is BCI’s 5th successful acquisition with the Greysteel team over the last two years.” IMC Construction hires McKenna VP, Philadelphia MALVERN, PA — IMC Construction announced the new hire of Terry McKenna as the vice president, Philadel- phia. McKenna has 30 years of experience in the Philadelphia marketplace and provided construction and real estate development solutions to a wide-range of owners and end- users with projects ranging up to $700 million. McKenna has experience in the hospitality, multi-family, commercial, in- stitutional and public sectors, including numerous Private- Public Partnerships (P3). Prior to his joining IMC Con- struction, McKenna spent the vast majority of career with Keating Building Company. McKenna is a graduate of the University of Dayton and is a professional engineer regis- tered in Pennsylvania, Dela- ware and New Jersey. In his role with IMC, McK- enna will be responsible for expanding and leading IMC’s efforts inbuilding in the City of Philadelphia.
Fairspring Senior Apartments
P o s k a n z e r S k o t t A r c h i t e c t s 550 North Maple Avenue, Ridgewood, NJ 07450 201.445.2322 www.poskanzerskott.com
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