Collaboration Leads to Acquisition of Apartment Complex
The successful collaboration of The MacKenzie Companies’ brokerage and capital markets divisions has led to the sale of Holly House Apartments, a nine building, 44-unit multi-family apartment complex located at 6110 – 6114 Edmondson Avenue, Catonsville, Maryland. MacKenzie Commercial Real Estate Services, LLC’s Karen Deeley and Chris Bennett represented the owner in the transaction and worked to identify the buyer. John Black, President of MacKenzie Capital, LLC and Brendan Harman, Assistant Vice President, provided the buyer cash-out, portfolio recapitalization which facilitated the acquisition financing.
The complex was built in 1964 by brothers Pete and John Farley and has been owned and operated by the Farley family since its inception. The well-built and well-maintained complex is situated just inside the Beltway in the attractive Catonsville area of Baltimore County and offers residents accessibility to numerous nearby amenities, multi-market access via its convenient location to I-695, and mass transit options. MacKenzie advised the owner on how to maximize this value while taking advantage of the strong apartment market.
“Working with MacKenzie throughout the sale process could not have gone smoother,” stated Carol Farley Tessier. “We enjoyed working with them and were impressed not only with their professional expertise, but also their ability to identify multiple interested buyers, ultimately achieving a per-unit value that exceeded our expectations by nearly 15%,” stated Tessier.
“The multi-family market remains a strong area of interest not only nationally, but here locally,” stated Deeley. “Local market knowledge was critical to identifying the buyer pool; our familiarity with the project and its surrounding market allowed us to be more efficient in our marketing efforts and successfully complete this transaction in a timely manner.”
Introduced by Deeley and Bennett, MacKenzie Capital was able to structure a cash-out refinancing of the buyer’s existing multi-family properties to use as equity to capitalize the acquisition and improvements of the purchase.
“Through the portfolio recapitalization, we were able to arrange an extremely attractive, long-term fixed rate loan facility,” stated John Black. “The proper balance of debt and equity and capitalization of all properties, and the buyer’s local market knowledge, presence, and expertise created a competitive environment amongst multiple lenders and significant interest for the loans.”
For more information on the full service offerings of MacKenzie, please visit www.mackenziecommercial.com.
MacKenzie Ventures, LLC (MacKenzie) possesses the multi-disciplined team necessary to excel in Maryland’s corporate real estate community. Comprising seven firms, MacKenzie provides clients a competitive, full service platform of offerings in leasing, sales, investment sales, tenant and landlord advisory services, corporate and business consulting, commercial and residential development, general construction, property and asset management, debt and equity capital placement, and market research. With more than 150 employees and offices in Annapolis, Baltimore, Bel Air, Columbia, and Lutherville, Maryland, MacKenzie is one of the largest full service commercial real estate firms in the Mid-Atlantic. Please visit www.mackenziecommercial.com for more information.