This Week's Baltimore Deal Sheet
Lender Fannie Mae bid $48.4M at auction to retain nearly an entire block of properties in downtown Baltimore’s Westside neighborhood, the Baltimore Business Journal reports.
The lender prevailed in a bidding war against a group of investors from Chantilly, Virginia, according to the BBJ. The properties included the 392-unit Centerpoint Apartments, which the BBJ reported was previously owned by Bank of America and then AvalonBay Communities.
At their opening, the apartments were hailed as part of a rebirth for the Westside, a section of downtown between West Fayette and West Saratoga streets and spanning from Charles Street to Martin Luther King Jr. Boulevard.
The area once served as Baltimore's premier retail location, attracting shoppers to its grand old department stores like Hutzler's and Hochschild-Kohn. The district remained a popular retail destination through the 1960s.
But the area faded as white flight from the city caused the department stores that called the Westside home to close or move to suburban locations. Developers and officials at the opening of the renovated Lexington Market building in January said they hope it can usher in the revitalization of Westside.
SALES
The Chesapeake Conservancy has purchased an office building at 1212 West St. in downtown Annapolis for $2.5M, The Baltimore Sun reports. The nonprofit bought the property after nixing plans to build a new office space in Quiet Waters due to community opposition.
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La Cité Development sold the development rights for 16,553 SF in West Baltimore to the Housing Authority of Baltimore City, which owns and manages federal public housing properties, as part of the planned Poe Homes Redevelopment project. La Cité valued the property on West Saratoga St. at $1.1M. Plans call for developing the site as 30 residential units.
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New Jersey-based Rushmore Management has put an 876-unit portfolio of three Baltimore multifamily assets on the market. The firm has hired Transwestern Real Estate Services to represent it in the sale of the 378-apartment Raven Run at 6028 Amberwood Road, the 308-unit Baybrook Village Apartments at 1001 East Jeffrey St., and the 190-unit Greens at Forest Park at 4515 Fairview Ave.
According to Maryland property records, Baybrook Village Apartments last sold in June 2022 for $19.25M. The Greens at Forest Park sold in May 2022 for $20.65M, and Raven Run sold for $26.25M in December 2021.
PERSONNEL
Baltimore-based real estate investment and management company Continental Realty Corp. promoted Rebecca Moschina to senior accounting manager and Hilary Lyon to lease administration manager.
Moschina will oversee the comprehensive accounting responsibilities for CRC’s multifamily and retail operations portfolio. Lyon will lead the company’s lease analyst team responsible for tracking, processing and managing retail leases.
Lyon joined the company last year as a senior lease analyst. Moschina, an employee of Continental Realty Corp. since 2015, most recently worked as the firm’s fund accounting manager.
