SVN | REALSITE, Baltimore’s leader in private client multifamily investment sales, negotiated the sale of Boundary Square Apartments, located in the rapidly gentrifying Station North Arts and Entertainment District. Situated in midtown Baltimore, Station North is home to The Maryland Institute College of Art as well as Penn Station. The neighborhood has an abundance of art galleries, restaurants, and theaters, and is known for hosting Artscape, America’s largest annual free arts festival.

This 67-unit apartment building sold for $2,750,000 to a Washington DC based buyer and was 90% vacant at the time of sale. The asset is slated to undergo a significant update and be repositioned. “This was an incredibly rare opportunity to acquire scale in the Station North neighborhood of Baltimore, where 50+ unit apartment buildings are scarce,” said Justin Verner, Baltimore Multifamily Practice Leader for SVN REALSITE.

The unit mix consists of 57 one bedroom, one bathroom units and 10 two bedroom, one bathroom units. The building was renovated in 1992 and has updated plumbing and electrical systems. It has a unique, open three-story atrium lobby entrance. 60 off-street parking spaces are included with the building. McAllister Park, set behind the building, is deeded with the property and maintained by the neighborhood.

Justin Verner, Baltimore Multifamily Practice Leader, represented the seller in the disposition. The SVN REALSITE Multifamily Team specializes in private client apartment investment sales throughout the Baltimore metro area. For additional information, please visit www.svnrealsite.com and follow on Twitter @svnrealsite.