By Adrian Maties, Associate Editor
An out-of-state investor has taken its first steps in Baltimore with the acquisition of an apartment building located in the city’s downtown. Los Angeles-based MF Asset Management is now the new owner of the former YMCA building at 300 N. Charles St.
The buyer paid $5.9 million to acquire the asset from Gala LLC, according to the Baltimore Business Journal. The asking price was $6.5 million. Justin Verner, senior advisor at Sperry Van Ness, brokered the deal and represented the seller in the transaction.
PropertyShark reports that the 42,255-square-foot property was originally constructed in 1875. It houses 36 apartments and its current market value is about $3.7 million. The apartment building previously changed hands in 2000, when Gala LLC purchased it from Savannah Development for $380,220.
Reuven Gradon, who partners with MF Asset Management to identify potential acquisitions, told the Baltimore Business Journal that the Los Angeles-based company intends to continue to do business in Baltimore. Their plan is to find distressed assets and turn them around.
Investors are currently showing a lot of interest for apartment properties located in and around Baltimore. Just a few days ago, Stephen Ferrandi, president of Maryland Land Advisors, announced that he has brokered the sale of 192 apartments in Aberdeen. Steve Weinstein’s Village Development purchased the site for $5.5 million from Beards Hills Investors.