Transwestern’s Bethesda, Md.-based Mid-Atlantic Multifamily Group today announced it has been named exclusive agent for the sale of Frederick Douglass Apartments, an affordable housing, value-add community located at the historic Frederick Douglass High School in Baltimore. The property consists of 100 apartment units and 12,750 square feet of commercial space.

Originally built in 1924, many of the unique features of the Collegiate Gothic Revival design style remain intact, following the adaptive re-use and conversion to apartments in 1991. The property offers investors superior in-place income combined with a stabilized tenant base of bulk leases to non-profit groups, as well as individuals receiving rental housing assistance.

Situated approximately two miles from downtown Baltimore and the Inner Harbor, Frederick Douglass Apartments is conveniently located within walking distance of the Penn North Metro Station and an abundance of area retailers. The property is located in a Qualified Census Tract, believed to be eligible for acquisition Low Income Housing Tax Credits/Historical Tax Credits, and is not currently subject to any specific affordable program or rental restrictions.

Additional upside opportunities are available to drive income by converting underutilized space into commercial or amenity-related uses, as well as improving management procedures and reducing operating expenses. The original 1,600-seat auditorium remains unutilized and provides an excellent opportunity for conversion to a performing arts center or a variety of other uses.

ABOUT MID-ATLANTIC MULTIFAMILY GROUP
With offices serving the Washington, D.C., Baltimore, Northern Virginia and the Tidewater, Virginia region, Transwestern’s Mid-Atlantic Multifamily Group provides a fully-integrated platform and collaborative multifamily brokerage team serving the entire Mid-Atlantic region. Recent assignments include transactions with Equity Residential, Home Properties, Archstone, Goldman Sachs, JP Morgan and Angelo Gordon. For more information on the Multifamily Group, please visit www.twMidAtlanticMultifamily.com.
 
ABOUT TRANSWESTERN
Transwestern is a privately held real estate firm specializing in agency leasing, property and facilities management, tenant advisory, capital markets, development, research and sustainability. The fully integrated global enterprise leverages competencies in office, industrial, retail, multifamily and healthcare properties to add value for investors, owners and occupiers of real estate. Transwestern facilitates better decision-making for clients by combining penetrating local market intelligence and macro-market research through its affiliate, Delta Associates. Transwestern has 34 U.S. offices and assists clients through more than 181 offices in 40 countries as part of a strategic alliance with Paris-based BNP Paribas Real Estate. For more information, please visit www.transwestern.net and follow us on Twitter: @Transwestern.

 

Media Contact:
Michelle Johnstone
202.775.7036
michelle.johnstone@transwestern.net