The Allston, a 48-bed, 22-unit student apartment building near Johns Hopkins University, has sold for $3.35 million.
The 18,488-square-foot asset at 3111 N. Charles St. is located across from the university in Baltimore’s Charles Village neighborhood. SVN RealSite’s Justin Verner, senior adviser and leader of the firm’s multifamily practice, and Brooks Healy, an adviser, represented the seller, 3111 N Charles LLC, in the deal.
The property received 15 offers in a 30 day period, and according to the broker, has the potential to increase its value with unit and common-area improvements.
“We received bids from seven different states, further cementing well-located multifamily product in Baltimore as an investment choice for out-of-area purchasers. The deal ultimately traded to a local buyer,” Verner, senior adviser and leader of SVN RealSite’s multifamily practice, said in a statement.
The buyer, according to state property records, is 3111 North Charles Investment LLC, which lists its mailing address as 3910 Keswick Road, Suite N3100 in Baltimore. That is the same address as Johns Hopkins Facilities & Real Estate’s offices.
The Allston is located within walking distance of the Baltimore Museum of Art, MedStar Union Memorial Hospital, and various student-oriented retail shops.