FPA Multifamily, a San Francisco-based privately held real estate investment firm specializing in the acquisition, management and repositioning of multifamily properties across the U.S., has acquired 1901 South Charles, a two-property, LEED Gold-certified residential community consisting of 345 units and commercial space located in the South Baltimore section of Baltimore.
Berkadia DC Metro and Berkadia Richmond represented the seller, Benefit Street Partners, a credit-focused alternative asset management firm based in New York. FPA Multifamily acquired the property for $73 million, with an existing HUD loan assumption.
The deal closed on Sept. 11. The properties were approximately 95 percent occupied at the time of sale.
Built in 2012 and 2015, The Lofts (1901 S. Charles St., 193 units) and The Flats (2 E. Wells St., 152 units) are 16-story concrete masonry buildings located adjacent to each other.
Studio, one- and two-bedroom units average 853 square fe
