Concord Communities Acquires Four Apartment Properties in Northeast Baltimore for $29.5M
BALTIMORE, MD. — Concord Communities, a Washington, D.C.-based affordable housing owner and developer, has acquired four apartment properties totaling 340 units in northeast Baltimore for $29.5 million. Ralph Crozier led the acquisition on behalf of Concord Communities on an internal basis, and Christine Espenshade of Newmark represented the seller. The sales price and seller were not disclosed.
The communities — Walther Avenue Apartments, Hazelcrest Apartments and Northern Village Apartments East and West — are located within one mile of each other. Built in 1967, the 64-unit Walther Avenue Apartments offers residences ranging from studio to two-bedroom floor plans across six three-story buildings. The community was 95 percent occupied at the time of sale.
Hazelcrest Apartments, located at 5717 Plainfield Ave., was built in 1965. The 48-unit apartment community features two-bedroom apartment units across eight two-story buildings. Hazelcrest was 95 percent occupied at the time of sale.
Northern Village Apartments East and West, located at 6623 Pioneer Drive, was built in 1972 and consists of 228 units in total. The communities offer a mix of one-, two- and three-bedroom floor plans across 23 two-story buildings. The Northern Village property was 97 percent occupied at the time of sale.
Concord Communities is an affiliate of real estate investor, manager and developer Lowe (formerly known as Lowe Enterprises). Lowe launched Concord Communities in 2020. The company is looking to develop affordable housing communities in the Mid-Atlantic region, as well as buying existing value-add properties.