Gelfund Pays $30M for Baltimore-Area Milford Station Apartments
Philadelphia-based Gelfund Real Estate Opportunities, a residential private equity fund, has acquired the 200-unit, value-add Milford Station Apartments in Pikesville, Md., for $30 million.
The seller was Reisterstown, Md.-based Blue Ocean. Transwestern represented both parties in the transaction.
“The seller had owned the property for greater than 10 years,” Robin Williams, Transwestern’s executive vice president, told Commercial Observer. “This was a long-term investment where ownership had executed their business plan. The asset is well located in a dynamic market and provides the ability to maximize value through strategic capital improvements.”
The new owner is planning an interior renovation program to update cabinets, appliances, countertops and flooring. The buyer will also renovate the pool house into an amenity center with a state-of-the-art gym and construct a new leasing office adjacent to Milford Mill Road.
Located at 19 Warren Park Drive, adjacent to the historic Ralston neighborhood, the garden-style apartments are within walking distance to a metro station and close to I-695.
“The Pikesville location within Baltimore County provides convenient access to employment centers in Owings Mills and Towson,” Williams said. “The property is walking distance to the Milford Mill Metro Station providing direct access to Downtown Baltimore and Johns Hopkins Hospital.”
Multifamily vacancies in the Baltimore metro area dropped 260 basis points year-over-year from 5.8 percent to 3.2 percent, according to a first-quarter report from Delta Associates, Transwestern’s research affiliate.
Joining Williams on the deal were Transwestern’s Dean Sigmon, Justin Shay and Michael D’Amelio.
“Our group continues to see strong interest for value-add properties throughout the Baltimore and Washington regions,” Sigmon said. “Currently, we have more than $160 million in multifamily assets scheduled to close in the Baltimore area this summer.”