Ongoing aggressive acquisitions of Baltimore rental properties continue to occur. The latest is the acquisition of Jefferson Square in East Baltimore, a 304 unit complex right near Johns Hopkins Hospital that just opened in 2014 under its current name. The property runs at a 95% leased rate and was purchased for an “undisclosed price” by Lowe Enterprises Investors and an unnamed foreign joint venture partner.
The property is located at 101 N. Wolfe Street at Fayette Street and will continue to be managed by The Jefferson Apartment Group locally. If you’re not familiar with this exact building, it is the property that contains the Ledo Pizza, Urban BBQ, BB& T Bank and a CVS.
The Jefferson Apartment Group purchased the property in 2011 for $12.1 million. The ULC Blog is guessing that the Jefferson Apartment Group picked up a healthy premium for the building. Jefferson Square is adjacent to the Science & Technology Park, a 31 acre corporate research campus.