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Hogan brokers sale of student housing

The Hogan Cos., an Annapolis-based, full-service real estate brokerage firm, announced that it brokered the sale of Welsh Hill Commons, a three-building, multifamily housing development in Frostburg.

The 86-unit student housing complex is located a short distance from the campus of Frostburg State University in far Western Maryland.

Hogan Vice President Jake Ermer represented the Baltmore-based purchaser, VEI Frostburg LLC, and was the sole broker in the off-market transaction.

The portfolio sold for $5.26 million, with the seller, Welsh Hill Commons LLC, retaining a minority ownership.

The transaction is not expected to affect the complex’s residents, according to the Hogan Cos. announcement.