The Munsey, Baltimore, MD


The Munsey

Transaction:
Purchase of high rise apartment building from lender

Asset Summary: 18-story, 147-unit high rise landmark apartment building in the CBD of Baltimore, MD

Date Closed:
December, 2010

Investment Strategy:

  • Improved under-managed, undercapitalized property formerly in receivership
  • Grew occupancy from 80% at purchase to +/-95%
  • Renovated common areas, including poorly maintained below-grade garage
  • Passed through utilities and parking to the residents
  • Leased retail to M&T Bank

Exit Strategy: Sold to a multifamily investor in the 4th quarter of 2013.