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Baltimore Apartment Complex Sells For $31M

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Baltimore Apartment Complex Sells For $31M
Marble Hall Gardens apartment complex recently sold for $31M.

A 390-unit multifamily property in Northeast Baltimore has sold for $31M.

Built in 1947, Marble Hall Gardens in the Northwood neighborhood is located just off Loch Raven Boulevard, near Morgan State University and Johns Hopkins University. Bethesda-based Greysteel, which has an office in Baltimore, arranged the sale.

New Jersey private equity firm Tryko Partners owned the apartment complex. The buyer was not disclosed. The apartment complex blends conventional and student housing in one community, Greysteel senior investment associate Ari Azarbarzin said.

"The new owner stands to benefit from a healthy partnership with a growing university, while adding value through development, and limited capital improvements," Azarbarzin said.

One- and two-bedroom units in the building cost between $715 and $950 per month to rent.