Olive Tree Management Buys Two Maryland Apartments for $74M
Greystone arranged $57M in Fannie Mae Financing for the Properties.
By Nick Trombola July 30, 2024 3:56 pm
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Greystone and Cushman & Wakefield (CWK) are proving that teamwork makes the dream work in true Summer Olympics style with a recent sale and financing combo in central Maryland.
C&W’s Jorge Rosa and Anthony Liberto arranged the sale of two multifamily properties in Columbia, Md., just outside of Baltimore, to New Jersey-based Olive Tree Management for about $73.5 million. Greystone’s Dan Sacks and Alex Basile meanwhile originated $57 million Fannie Mae acquisition loans for the properties.
Mill Creek Residential sold the two properties — Autumn Town Center at 5331 Columbia Road, and Autumn Columbia, at 8909 Early April Way — according to property records.
The properties, which total 344 units, are 94 percent occupied, per Greystone.
A representative for Mill Creek did not immediately respond to a request for comment. A representative for Olive Tree could not immediately be reached for comment.
The average multifamily vacancy rate across Baltimore’s metropolitan area remained stable at 6.1 percent in the second quarter of this year compared to the 6.2 percent seen in the previous quarter, according to a recent market report by Transwestern.
Average asking rents in the region, however, have steadily ticked upward every year since at least 2010, reaching $1,659 per month this past quarter, per Transwestern. That’s an increase of 2.2 percent metro-wide in the 12-month period ending in June.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
