News
REPRESENT
March 3, 2011
| Sure, our Second Annual Washington Real Estate Summit was in Tysons Tuesday, but that doesn?t mean Baltimore stayed at home. |
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| Bozzuto chairman Tom Bozzuto, one of 26 speakers at the event, says his company is breaking ground late this year on Union Wharf, a 282-unit, $70M apartment project in eastern Fells Point. It's included in the $75M development and acquisition JV Bozzuto announced with Pritzker Realty Group last July, and the first units deliver within 19 months of groundbreaking. Tom also tells us the 275-unit The Fitzgerald in Bolton Hill is the fastest-leasing apartment community in the City of Baltimore's history, averaging a 29-unit/month absorption pace since delivering last October. Neighborhood residents F. Scott and Zelda Fitzgerald provided inspiration, says Tom, with units featuring creative flashes like exposed floors and stained concrete. From now on, we're calling him the Great Tom-zby. |
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| CBRE multi-housing guru Mike Muldowney (here with Bisnow?sOlivia Merlino) tells us he's working on a three-property portfolio sale in Laurel, Glen Burnie, and Woodlawn for Intercontinental Real Estate Corp. His team anticipates offers in the $40M range in the third week of March. (Out like a lamb?) The CBRE team is also seeking offers in the low-$40M range next week for Odenton?s Shelter Cove, a 300-unit project Mike describes as a great value-add opportunity due to its proximity to Ft. Meade. The group is active across the Mid-Atlantic, and his team also recently closed the$6.5M sale of the Villages of Laurel, a 128-unit property off Historic Main Street in Laurel. Mike tells us the buyer (an affiliate of Geller Associates) will make upgrades to the project for a long-term hold, shooting to achieve a stabilized 7% (or greater) cap rate. |
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| M&T Realty Capital's Tim Weldon (with BE&K Building Group'sSteve Floyd) says he's working on an HUD deal in downtown Baltimore to rehab and convert an old building into apartments. He tells us the most appealing aspect of the (d)4 financing involved in the project is that borrowers can lock in low, permanent rates after the construction period. "It's a great time to take advantage of the rate environment and secure long-term, non-recourse agency debt," says Tim, who tells us he has active deals from Richmond to Baltimore. Steve says construction costs are rising, estimating a 10% jump in materials prices over the past year. |
