The Professional Building apartments in downtown Baltimore recently sold for $3.4 million to Liberty Group Holdings.
The 33,078 square building at 330 N. Charles St. dates back to 1906, and underwent a full renovation a
“The buyer was attracted to the trophy quality of the asset and the location, which is one of the best blocks in downtown Baltimore,” Justin Verner, SVN RealSite’s Maryland multifamily practice leader, said in a statement announcing the deal.
The building was placed on the market in 2016 with a listing price of $4.15 million. Maryland tax records indicate the seller Los Angeles-based 330 Charles REI LLC bought the building in March 2017 for $3.7 million.
Washington-based Liberty Group Holdings has purchased seven apartment properties in Baltimore, according to Verner. He represented the seller in the deal along with colleague Brooks Healy.
Historic features in the building include marble stairways and hallways. Finishes in the apartment include hardwood floor, stainless steel appliances, and granite countertops.
Liberty Group Holdings, according to SVN RealSite, intends to make capital improvements to the building. Lustine Realty will manage the property.
Rent growth in Baltimore’s apartment sector dragged in recent months.
Website RentCafe, using data from Yardi Matrix, found Baltimore among the slowest markets for rent growth in August. Rents in the city, however, did grow year over year. But not as quickly as in other cities.
In July, the website RealPage listed Baltimore in it’s “laggards” column in terms of rent growth. Again Charm City’s rents did increase. But the 1 percent bump year-over-year was off the national average of 2.3 percent.