Greysteel Bets on Charm City Multifamily
- Jul 24, 2015
By Ioana Neamt, Associate Editor
Investors have high hopes for Baltimore’s downtown neighborhood.
A Greysteel investment team led by Lance Ahmadian, Ari Firoozabadi, John Mullen and Kyle Tangney has been named exclusive advisor and agent for the sale of a 16-unit affordable housing community in Baltimore’s popular Butchers Hill submarket.
Located in a primarily residential area, the 115-year old Butchers Row multifamily community consists of six row homes featuring one-, two- and three-bedroom units. About half of the property’s units operate under a project-based Section 8 Housing Assistance Payments (HAP) contract, while the remaining units operate under Section 42 of the Low Income Housing Tax Credit (LIHTC).
“With transformative developments such as the Marketplace at Fells Point in the pipeline, affordable housing in Downtown Baltimore will only become more limited,” said Greysteel Investment Associate Lance Ahmadian in a prepared statement. “Butchers Row is a choice opportunity for investors to enjoy consistently high rental demand. Additionally, the Property’s coveted Project-based HAP contract offers investors the ability to secure stabilized income.”
Butchers Row is conveniently located within three miles of top educational institutions including Johns Hopkins University, the University of Maryland and the Maryland Institute College of Art. The property is also located in close proximity to various mixed-use destinations such as the Marketplace at Fells Point.
Images courtesy of Greysteel