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WHAT DRIVES MULTIFAMILY

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WHAT DRIVES MULTIFAMILY
"While the best may be behind us" for the Baltimore metro apartment outlook (did you miss it?), growth will continue, says Berkeley Point Capital prez Steve Wendel. So his firm is still big on Baltimore.
Steve Wendel
The multifamily mortgage firm (known as Deutsche Bank Berkshire Mortgage until Ranieri Real Estate Partners and WL Ross acquired it two months ago) likes Baltimore's three-legged stool of employment: healthcare, education, and government. Then there's the promise of the port with the widening of the Panama Canal, plus casino business. Apartment rents here are growing 4% and vacancies remain around 6%. (90% of properties have vacancy of 10% or less.) Factors to watch: government growth won't continue, and single-family homes are now affordable.
Reznick (Client) MBALT
Camden Court, West Side Baltimore
His firm has 32 loans for $337M across the metro. The properties range from 69 to 441 units. Two recent: a $21.7M Fannie refi for the 221-unit Camden Court (above) and a $17M Freddie acquisition loan for the Sharp Leadenhall I & II affordable housing apartments in Federal Hill. In the suburbs, it's done a few refis: $24M for Pikesville's The Courts of Avalon and $16M for Towson's Versailles apartments.