Greysteel Brokers Sale of a 102-Unit Affordable Community in Baltimore

BALTIMORE — Greysteel has arranged the sale of Lakewood Apartments, a Section 8 affordable housing community for seniors in Baltimore.

Ari Firoozabadi, Ari Azarbarzin, Alicia Orkisz and Henry Mathies represented the seller, a private local investor. The undisclosed buyer paid $8.1 million.

The four-story property was constructed in 1936 and totals 102 units. The property is situated near a variety of senior lifestyle amenities, including John Hopkins Hospital, pharmacy and grocery stores, and places of worship.

“Located in both a Qualified Census Tract and federal historic district, this deal offered a tax credit rehab opportunity,” says Firoozabadi. “Originally developed utilizing HUD Section 202 financing, the property benefits from a project-based Housing Assistance Payment contract providing rental subsidies for 101 of the units.”