​BALTIMORE – Transwestern today announces it represented Kodiak Properties LLC in the disposition of Three Garden Village, a 592-unit garden- and townhome-style apartment community in Baltimore. New York-based SilverBrick Group LLC purchased the property for $28.41 million. Dean Sigmon, Robin Williams and Justin Shay of Transwestern’s Mid-Atlantic Multifamily Group represented the seller in the transaction.

“The strength of the Baltimore economy, along with the significant value-add opportunity through efficient property management and renovations, was a major draw for investors,” said Shay. “Furthermore, the overall size of the property provided the purchaser with immediate market presence.”

The Baltimore metro netted 41,200 jobs for the 12 months ending July 2015 – the highest 12-month figure since the 1980s – according to Transwestern research affiliate Delta Associates. The Baltimore economy is among the leaders of comparably sized metros and is well-positioned for long-term growth, according to Delta’s projections.

“Selling Three Garden Village is part of our continued strategy to sell non-core assets and focus our attention on our retail portfolio.” said Scott Spector, Principal of Kodiak Properties.

Located at 7003 Dunmanway, the property is ideally situated between Dundalk Avenue and Merritt Boulevard, which connects to Interstates 95, 895 and 695. The location offers close proximity to downtown Baltimore and major employers such as Johns Hopkins Bayview Medical Center, Amazon Fulfillment Center and the Port of Baltimore’s Seagirt Marine and Dundalk Marine terminals.

ABOUT KODIAK PROPERTIES
Kodiak Properties specializes in the acquisition of retail centers located in the Mid-Atlantic region for the purpose of long-term investment and redevelopment. Kodiak concentrates on existing retail properties. These properties have shown to have the least risk, and with careful development, have the potential to produce the best return. We attribute our success to our industry experience, our talented workforce, and most importantly, the relationships that we continue to build with our partners.

ABOUT THE SILVERBRICK GROUP
The SilverBrick Group is a vertically integrated real estate developer that acquires and manages commercial real estate for qualified parties. The company seeks consistent cash flow and significant capital appreciation on a long term basis. SilverBrick looks for opportunities in mismanaged properties where repositioning can unlock hidden value. Our experience, access to deal flow, industry relationships and focus on our niche market gives us a competitive advantage. The principals of SilverBrick have over 100 years of combined experience. Our methodology for sourcing deals, due-diligence, financing, repositioning and cash flow optimization has produced exceptional returns.

ABOUT TRANSWESTERN
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Management, Tenant Advisory, Capital Markets, Research and Sustainability services, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Transwestern has
34 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern. For updates from the Mid-Atlantic region, follow @TranswesternDC.

 

Media Contact:
Sabina Gill
301.896.9059
sabina.gill@transwestern.com