Village Green, one of the country’s oldest apartment owner-operators, has been selected by L3C Capital Partners to manage five properties in the Baltimore area: Beacon Pointe, Edgewood Park, Fox Crossing, Forest Glen and Hillsdale Manor. Combined the properties contain 694 units.
Village Green officials said that this would be the second collaboration between the two companies in Baltimore in the last year; the other is the Munsey building downtown.
“Our plans here are for incremental growth,” said Diane Bayayeh, CEO of Village Green. “Baltimore’s future looks very bright and this is a good time to be expanding here. We see a growing demand for quality apartments and are very confident about the future.”
L3C purchased the suburban properties in June and plans renovations, according to a news release.
One of L3C’s partners, Jonathan Leifer said, “These are nice properties for long-term value; Baltimore is growing and Village Green has an excellent track record of creating more value for the residents and ownership. It’s a perfect situation for us.”
Village Green, established in 1919, is the 15th largest private owner and operator of luxury apartment communities in the country, according to the company. It has regional offices in Baltimore, Chicago, Cincinnati, Dallas, Detroit, Indianapolis, Minneapolis, St. Louis and Toronto and operates more than 43,000 apartments in 170 communities.