Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Winchester Apartments, a 47-unit apartment property located in Baltimore, MD. The asset sold for $2,712,000 which equates to $57,702 per unit.
Christopher Chadwick, first vice president investments, in Marcus & Millichap’s Washington, D.C office, Sean Brown, associate and Raymond A. Hunce, associate in Marcus & Millichap’s Baltimore office, had the exclusive listing to market the property on behalf of the seller, a local private developer. The buyer, a local investor, was also secured by Chadwick, Hunce and Brown.
Winchester Apartments is located at 1111 Whitmore Ave in Baltimore, MD. The property was built in 1965 and consists of 47 identical two-bedroom/one-bathroom units. The apartment building is ideally located within a five minute drive to seven local schools, Coppin State University and Gwynn Falls park. Other neighborhood amenities include Johns Hopkins University, Druid Hill park, The Baltimore Zoo and Forest Park golf course.
“This transaction demonstrates that the market remains very strong and competitive. This type of property provides investors the opportunity to purchase a stable, cash flowing asset with upside potential to raise rents to market levels and increase yield over the life of the investment” said Chadwick.
About Marcus & Millichap (NYSE: MMI)
With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
