O wners , D evelopers & M anagers
M id A tlantic Real Estate Journal — May 21 - June 17, 2021 — Section C
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Located at 351 Suter Rd. in Catonsville, MD consists of 263 two-bedroom apartments Limitless Management partnered with GMF Capital to purchase Melvin Park Apartments
HI-LIGHTS May 21 - June 17, 2021 “We’re excited to kick off our partnership with GMF Capi- tal, which shares our vision for Melvin Park Apartments,” said Alex Schultz , CEO and co-founder of Limitless Man- agement. “It’s a unique asset. There’s nothing else like it in ATONSVILLE, MD — Limitless Man- agement , a real es- tate investment and property management firm based in Baltimore, partnered with GMF Capital to acquire Mel- vin Park Apartments in Ca- tonsville. C
Melvin Park Apartments in Catonsville, MD
this submarket. We see a lot of potential and plan to take the property to the next level. Limitless Management has a strong focus on suburban workforce housing, and we plan to continue growing our portfolio with these types of assets.”
Melvin Park Apartments, located at 351 Suter Rd. in Catonsville, consists of 263 two-bedroom apartments in 132 duplexes with individual private entrances for each apartment. Rated as class B workforce housing, the rental apartments offer single-family-
president and co-founder of Limitless Management. “The upgrades will bring new life to the community.” Limitless Management pur- chased the off-market property directly from the seller without a broker. It was 96% occupied upon acquisition. MAREJ
home-style residences. “We plan to renovate the majority of units, modernizing the kitchens with new cabi- nets, granite countertops, tile backsplashes and stainless- steel appliances as well as adding plank flooring through - out,” said Yanky Scheinfeld ,
SPOTLIGHTS
JLL’s Oliver, Coyne and Cruz broker multi-housing portfolio in Trenton, New Jersey for $28.85 Million
Multifamily Development
5-12C
TRENTON, NJ — Time Equities, Inc. (TEI) , a full- service real estate firm an- nounced it has acquired a 200- unit, class A, multi-housing three building portfolio (the Trenton Loft portfolio) in Trenton for $28.85 million. “We view our purchase of The Trenton Loft Portfolio as an opportunity to acquire a high quality, class A urban portfolio in a community un- derserved with respect to the product type,” said Brian Soto , director of acquisitions and asset management at TEI. “We were impressed by the level of detail and thought which went into the design and renovation of the build- ings by the original developer and their commitment to pro- viding a quality product which is generally in scare supply within the region.” Soto, along withMax Pastor, director of acquisitions at TEI, served as the acquisition and asset managers. Commercial brokerage JLL’s Mike Oli- ver, Fran Coyne a nd Jose
Cruz brokered the transaction on behalf of the seller. The three buildings are lo- cated in the Trenton Transit Center/Chambersburg neigh- borhood and are within walk- ing distance of each other as well as the Trenton Transit Center which offers AMTRAK and NJ Transit train service making it an ideal location to access Philadelphia and/ or Manhattan. The portfolio is also close to the Princeton submarket (10 miles) and Philadelphia (30 miles) via Rte. 1, I-295 and I-95. “Beyond being high-quali- ty multi-family product, the Trenton Loft Portfolio offers market leading amenities to tenants such as screening rooms, fitness centers and lounges which are unique in the market,” said Pastor. “We foresee the addition of The Trenton Lofts Portfolio as a complementary addition to our growing multi-family portfolio providing the opportunity for sustainable cash flow and fu - ture appreciation.” MAREJ
Facility Management
13C
Standard Communities acquires a 169-unit senior community in Atlantic City, NJ
Fran Coyne
Jose Cruz
Mike Oliver
12C
ALSO INSIDE
Hank Weiss, Glas-Tint, LLC .. 15C People on the Move ............ 16C
The Trenton Loft Portfolio
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