Klein Enterprises, a vertically integrated investor, developer and operator of diversified real estate holdings, on Tuesday announced the sale of The Lenore, a 102-unit luxury apartment building at 114 East Lexington St. in downtown Baltimore.
The property was purchased by an affiliate of PMC Property Group Inc., a Philadelphia-based real estate development company with a significant footprint in the downtown Baltimore multifamily market. Christine Espenshade with Newmark represented Klein Enterprises in this transaction.
Originally constructed in 1926 as the Baltimore branch of the Federal Reserve Bank, the multifamily asset was converted in 2014 from a Class-B office building into 102 residential apartments. The property now features luxury lofts and flats with amenities including a terrace-level dog park, wood flooring throughout, a resident lounge and a fitness center.
Situated in the heart of Baltimore’s central business district, The Lenore provides access to Interstate 83, the Inner Harbor, and several of Baltimore’s medical and educational institutions, including the adjacent Mercy Hospital and the nearby University of Maryland School of Medicine.
The company recently closed on a significant investment from Almanac Realty Partners, the real estate arm of Neuberger Berman. In the few months since closing, Klein has advanced several pipeline development projects, successfully executed a large-scale refinancing of 12 portfolio assets and acquired a best-in-class retail asset in Richmond, Virginia.
Over four generations, Klein Enterprises has grown from a single department store to over 40 assets comprised of over 2.5 million square feet of commercial properties and approximately 2,500 Class A multifamily units.