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OneWall closes on $100M in suburban multifamily acquisitions
Stamford, CT-based OneWall Partners has acquired two suburban multifamily communities in separate deals totaling nearly $100 million.
It has bought the newly rebranded Hopkins Point (pictured top), formerly Whispering Woods, a suburban Baltimore rental property for $64 million from the Kushner Cos. The 39-acre property is 98 percent occupied and consists of 524 market-rate townhomes.
And it has acquired Oak Grove Apartments & Townhomes, also
in suburban Baltimore, for $32.5 million from Morgan Properties, the nation’s
largest private multifamily housing owner. The 17-acre property is 94
percent-occupied and consists of 22 market-rate apartment buildings with 259
apartments, plus 88 townhomes.
The acquisition of Hopkins Point is the firm’s first
investment made in financial partnership with Enterprise Community Partners
based in Columbia, MD.
“Enterprise and OneWall bring similar commitments to making
positive social impacts to the communities and residents we serve,” said Ron
Kutas, OneWalls’ principal and COO. “To that end, we seek to improve Hopkins
Point physically, cosmetically and operationally to create an elevated living
environment for our residents.”
“Enterprise is committed to the preservation of well-located, affordable homes,” said Chris Herrmann, senior vice president of Enterprise. “In a community like Hopkins Point where hundreds of households have put down roots, we’re excited to partner with OneWall to keep rents affordable and make upgrades for the long-term.”
“We’ve been tracking the Maryland market for some time and
felt Hopkins Point Townhomes presented the perfect opportunity to enter the
region with some scale,” said Andy Wallace, OneWall Partners’ CEO and
principal. “Middle River and other Baltimore submarkets will continue
strengthening as the economy recovers and regional infrastructure improvement
projects advance.”
Both Oak Grove and Hopkins Point are located in Middle
River, MD in southeast Baltimore County, 10 miles from downtown Baltimore. The
properties sit minutes from I-95, I-695 and US Route 40, and three miles from
555,000 square feet of retail space, facilitating convenient commutes and
shopping. Oak Grove and Hopkins Point are the most recent examples of OneWall’s
continued efforts to expand its footprint across the Northeast.
The acquisition of Oak Grove is the second investment made
by OneWall’s Nova Appian Preferred Income Fund I, a preferred equity fund
targeting transit-oriented and lifestyle-oriented workforce housing in the Northeast
U.S, that began investing in 2020.
The sale transaction was brokered by CBRE Multifamily. Brad Domenico, a
partner in Progress Capital, secured the acquisition financing for Oak Grove
with Arbor Commercial Mortgage.
The post OneWall closes on $100M in suburban multifamily acquisitions appeared first on Real Estate Weekly.