Service. Success. Perfected. - Greysteel on Federal Hill_0.pdfCity Circulator, Baltimore’s only free public bus service, also offers several routes which run from Downtown Baltimore

© 2016 The Greysteel Company LLC. All rights reserved.

The Federal Hill neighborhood, which draws an average of 14 million people

per year, sits south of Baltimore’s famous Inner Harbor and is within walking

distance to many of the city’s top tourist and cultural attractions. Conveniently

situated inside the Baltimore Beltway, the area is easily accessible via major

thoroughfares including Interstate 95, the Baltimore-Washington Parkway,

and Interstate 83. Alternatives to driving include the MTA bus, MTA Light

Rail, and the MARC commuter rail, which offers convenient connections

to BWI Airport and Amtrak’s Penn Station. In addition, the Inner Harbor’s

one-of-a-kind water taxi was recently purchased by Under Armour’s founder

Kevin Plank who plans to expand the operation to Fell’s Point, Canton,

Fort McHenry, Cherry Hill, and Port Covington, the newly acquired site for

Under Armour’s new 3.9-million-square-foot campus. Finally, the Charm

City Circulator, Baltimore’s only free public bus service, also offers several

routes which run from Downtown Baltimore and the Inner Harbor to Federal

Hill and surrounding neighborhoods like Locust Point, Harbor East, and

Mount Vernon.

Federal Hill is renowned for walkable cobblestone streets and a dizzying

array of gourmet restaurants, intimate taverns, and boutique shops. Many

of Baltimore magazine’s “Best Restaurants in Baltimore” can be found in

Federal Hill including Byblos, Abbey Burger Bistro, Ryleigh’s Oyster, and

Thai Arroy. Federal Hill is also home to a vibrant music scene, free open-

air film screenings, and the Cross Street Market, featuring fresh local

produce, seafood, meats, and baked goods. The combination of trendy

dining destinations, diverse local attractions, and active nightlife makes

the neighborhood a popular destination for both Baltimore residents

and tourists.

Landmark destinations in the neighborhood include the American Visionary

Art Museum, the Maryland Science Center, the Baltimore Museum of

Industry, and Historic Federal Hill. Also within walking distance from Federal

Hill are the Baltimore Convention Center, Pier Six Concert Pavilion, Power

Plant Live!, and M&T Bank Stadium, home of the Baltimore Ravens.

The featured properties in this month’s rent comparable survey represent

six properties in Federal Hill. The properties were built in between 2005

and 2012 with one exception; Harbor Hill was constructed in 1972 and fully

renovated in 2014. Occupancy rates for the featured communities range from

94%–99%. Average rental rates per square foot range from $1.78–$2.51 with

average unit sizes ranging from 804–1,335 square feet. Most communities

offer a selection of new or recently renovated apartments with features such

as in-unit washers and dryers and granite countertops. Other units include

dishwashers and microwaves. All properties allow pets with monthly fees

up to $50 and deposits ranging from $250–$350. Common amenities include

fitness centers, business centers, and designated cookout or outdoor

lounge areas. Residents pay application fees from $25–$75 and post

security deposits up to one month’s rent. Residents also typically pay for

electricity and water.

Spotlight on Federal Hill, Maryland | Multifamily September 2016

Service. Success. Perfected.

Federal Hill

Baltimore Penn Station


Spotlight | Rent Comparables September 2016

No. Units 74

Occupancy 98%

Year Built 1972

Managed by Sentinel Real Estate

No. Units 193

Occupancy 100%

Year Built 2012

Managed by WPM Management

No. Units 93

Occupancy 94%

Year Built 2012

Managed by Private Owner

No. Units 182 Units

Occupancy 97%

Year Built 2005

Managed by PMC Property Group

No. Units 191

Occupancy 94%

Year Built 2007

Managed by Bozzuto Group

No. Units 250

Occupancy 97%

Year Built 2012

Managed by Greystar Management

HARBOR HILL301 Warren AvenueBaltimore, MD 21230

UNIT TYPE SF ASKING RENT

1 BDR/1 BA 958 $2,163

1 BDR/1.5 BA 1,140 $2,175

2 BDR/2 BA 1,339 $2,623

3 BDR/2 BA 1,798 $2,750

3 BDR/2.5 BA 1,938 $3,375

• Residents pay a $75 application fee, a $300

security deposit, and a security deposit of one

month’s rent

• Additional fees include a non-refundable pet deposit of

$350 and pet rent of $35

• Residents pay for electric; property pays for water and

trash removal

• Common area amenities include a business center,

cookout area, on-site storage, a fitness center,

and clubhouse

• Unit amenities include vaulted/high ceilings, a microwave,

walk-in closet, granite countertops, and a private

balcony/patio

1901 SOUTH CHARLES1901 S. Charles StreetBaltimore, MD 21230


EFF 475 $1,415

1 BDR/1 BA 684 $1,694

1 BDR/1 BA/Den 900 $1,825

2 BDR/2 BA 1,075 $2,260

2 BDR/2 BA/Den 1,169 $2,390

• Residents pay a $40 application fee and a

$500 security deposit

• Additional fees include a non-refundable pet deposit of

$250 and pet rent of $25

• Residents pay for electric and water; property pays for

trash removal

• Common area amenities include a fitness center, secured

hall entry, a clubhouse, and cookout area

• Unit amenities include a microwave, washer/dryer,

dishwasher, granite countertops, vaulted/high ceilings,

a walk-in closet, and garage parking

1111 LIGHT STREET1111 Light StreetBaltimore, MD 21230


1 BDR/1 BA 706 $1,950

1 BDR/1BA/Den 824 $2,055

2 BDR/2 BA 1,083 $2,563

3 BDR/2 BA 1,243 $3,250

• Residents pay a $35 application fee and a

$250 security deposit

• Additional fees include a non-refundable pet deposit

of $350 and pet rent of $50

• Residents pay for all utilities

• Common area amenities include a fitness center

and clubhouse

• Unit amenities include a private balcony/patio, washer/

dryer, dishwasher, microwave, walk-in closet, hardwood

floors, and granite countertops

101 EAST WELLS101 E. Wells StreetBaltimore, MD 21230


1 BDR/1 BA 800 $1,708

1 BDR/1 BA/Den 950 $2,037

2 BDR/2 BA 1,232 $1,977

2 BDR/2 BA/Den 1,700 $2,520

• Residents pay a $35 application fee and a $500

security deposit

• Additional fees include a non-refundable pet

deposit of $250


• Common area amenities include secured hall entry,

basketball courts, and a fitness center

• Unit amenities include a microwave, granite countertops,

hardwood floors, vaulted/high ceilings, a dishwasher,

and washer/dryer

THE ZENITH511 W. Pratt StreetBaltimore, MD 21201


EFF 597 $1,472

1 BDR/1 BA 756 $1,957

2 BDR/1 BA 924 $1,975

2 BDR/2 BA 1,131 $2,655


security deposit

• Additional fees include a pet deposit of $300 and

pet rent of $25

• Residents pay for electric and water; property pays

for trash removal


a fitness center, business center, and clubhouse

• Unit amenities include a microwave, washer/dryer, private

balcony/patio, granite countertops, a dishwasher, and

walk-in closet

MCHENRY ROW1700 Whetstone WayBaltimore, MD 21230


EFF 498 $1,687

1 BDR/1 BA 666 $1,765

1 BDR/1 BA/Den 853 $2,392

2 BDR/2 BA 1,058 $2,465

2 BDR/2 BA/Den 1,601 $2,859


security deposit

• Additional fees include a pet deposit of $250 and

pet rent of $50



a fitness center, business center, clubhouse, and

on-site storage

• Unit amenities include a microwave, vaulted/high

ceilings, a private balcony/patio, washer/dryer, granite

countertops, and a walk-in closet


The report below features a sampling of properties sold within the last three months in Maryland. Please note the different locations and adjust comparisons accordingly. Also note that sales comparables provide a snapshot of recent transactions and are not a perfect predictor of future market movement and behavior.

Spotlight | Sales Comparables September 2016

GRAND POINTE APARTMENTS 5764 Stevens Forest RoadColumbia, MD 21045

HORIZON SQUARE 3563 Fort Meade Road

Laurel, MD 20724

PARAGON AT COLUMBIA OVERLOOK8151 Robinson Jefferson DriveElkridge, MD 21075

RED RUN APARTMENTS4300 Flint Hill DriveOwings Mills, MD 21117

BELVEDERE TOWERS 1190 W. Northern ParkwayBaltimore, MD 21210

Close Date: August 2016

Units: 520

Year Built: 1994

Price: $91,000,000

Price/Unit: $175,000

Price/SF: $168.31

Seller:Deutsche Asset & Wealth Mangement

Buyer: McDowell Properties

Close Date: July 2016

Units: 237

Year Built: 1965

Price: $30,200,000


Price/SF: $85.41

Seller:Harbor Group Management

Buyer: Blue Ocean Realty

Close Date: May 2016

Units: 254

Year Built: 1987

Price: $32,100,000


Price/SF: $72.18

Seller: The Gudelsky Company

Buyer:ROSS Development & Investment

Close Date: June 2016

Units: 325

Year Built: 1972

Price: $46,875,000


Price/SF: $88.18

Seller: AIMCO

Buyer: Morgan Properties

Close Date: August 2016

Units: 320

Year Built: 2014

Price: $86,289,672


Price/SF: $220.69

Seller: Chesapeake Realty Partners

Buyer: Brickshire Investment Group

BOUNDARY SQUARE APARTMENTS301–327 E. North AvenueBaltimore, MD 21202

Close Date: June 2016

Units: 67

Year Built: 1992

Price: $2,750,000

Price/Unit: $41,045

Price/SF: $42.37

Seller: SF LV North Ave LLC

Buyer: Private Buyer


BANCROFT COURT6420 PARK HEIGHTS AVENUEPIKESVILLE, MD 21215REQUEST FOR OFFERS: SEPTEMBER 8, 2016

Spotlight | Exclusive Offering September 2016

INVESTMENT HIGHLIGHTS• Rare 24-unit Property located in Pikesville, Maryland

• Boasting a unit mix of three two-bedroom-one-bathrooms,11 two-bedroom-two-bathrooms, eight three-bedroom-two-bathrooms, and two office/retail units

• Residents pay for nearly all utilities

• Offered free and clear of debt

LOCATION HIGHLIGHTS

• Pikesville, Maryland was named in Baltimore magazine’s “Best Places to Live”

• Reisterstown Plaza Metro Station is within walking distance of the Property

© 2016 Greysteel California, Inc.. All rights reserved.

inve

1777 Reisterstown Road, Suite 206

Pikesville, MD 21208

P. 410.505.4551

MD License No: 636050

SALESLance Ahmadian

Investment Associate

[email protected]

P. 410.505.4551

FINANCEBrendan Scanlon

Senior Director

[email protected]

P. 202.803.5810

Ari Azarbarzin

Investment Associate

[email protected]

P. 410.505.0003

DEBT & STRUCTURED FINANCE TRANSACTION SERVICES

Mark BittenbenderDirector

Ari Firoozabadi**Co-Founder

Duerk BrewerManaging Director

Yassi FarzanehProduction Director

Andy StiefMarketing Director

Brittany WismerSenior Finance Associate

Matt HuttonSenior Analyst

Pauline LefebvreProduction Associate

Sarah CornejoSenior Designer

**For more information or to inquire about Greysteel, please contact Ari Firoozabadi, co-founder ([email protected] | 202.417.3873)

*Corporate Headquarters and Transaction Services Center

Los Angeles Washington, D.C.* Baltimore Philadelphia Dallas Fort Worth Norfolk

Documents

Service. Success. Perfected. - Greysteel on Federal Hill_0.pdfCity Circulator, Baltimore’s only free public bus service, also offers several routes which run from Downtown Baltimore