Located only two miles from the main campus of the University of Maryland, Oglethorpe House was our first rental property acquisition and was successfully converted to condominium ownership over 20 years ago. We originally retained many of the units for rental; however, due to an extremely strong re-sale market, we have sold the remaining unites on an individual basis.
Attractively purchased traditional garden style apartment community. Meticulously well maintained property that offers a peaceful relaxed rural setting as an alternative to busier Frederick communities.
Located in the Upper Park Heights area of Baltimore, this property is representative of the type of rental property we seek. The property is located across the street from the Reisterstown Plaza Metro Stop and Shopping center. Due to financial distress of the seller we were able to purchase this well maintained property at a favorable price. The building consistently maintains full occupancy.
St. Charles, MD
The St. Charles Industrial Center consists of three multi-tenanted Class B flex space buildings containing 129,566 SF and land suitable to develop another 80,000 SF. The previous owners negligent handling of the property's leasing and unwillingness to spend money to maintain and improve the buildings resulted in underperformance of the property, and gave us ample room to create value and enhance performance. In order to satisfy tenants and increase rents, improvements were made to the physical plant, cosmetic look, and the name was changed. As a result of improved leasing and operations NOI to increased by roughly a third within two years. BAF was an investment partner in this property.
In August 2001 Muirkirk Business Center, a two property Class B flex space complex comprising 113,668 SF was purchased from a lender that had acquired the property. At the time of acquisition the property was approximately 70% occupied. At the sale, the property was 97% occupied. BAF was an investment partner in this property.
Located in the Upper Park Heights area of Baltimore, this property has large units in a quiet setting. The property had suffered years of neglect. When purchased by us, the property was in desperate need of renovation and professional management. We immediately changed management and implemented a major renovation program replacing major structural components as well as updating kitchens and baths. The property has subsequently been refinanced several times. The property remained consistently fully occupied with a waiting list, and offers one of the best rentals in this market area. BAF sold the community to redeploy capital into a larger project to realize economies of scale.
Located in the Upper Park Heights area of Baltimore, we decided to sell the property to take advantage of an above market unsolicited offer we received. The property had suffered years of neglect from the previous owners. When purchased by us, the property was in desperate need of renovation and professional management. We immediately changed management and implemented a major renovation program replacing major structural components as well as updating all of the kitchens and baths.
21 Townhomes Units
Master planned townhome community located in historic Beaufort near Parris Island Marine Training base. Acquired from Bank of America after the original developer completed the land development, infrastructure, common areas and built and sold 48 townhomes.
The property is an attractive two-story office building containing 28,623 gross SF. The building has an excellent location in Downtown Bethesda and is rented for the next 12-years with NNN master lease. The property is subject to a ground lease, which provides for maximum tax benefits. We had a long-term investment horizon for this property, and forecasted investment returns to achieve a high teens IRR for this stable exceptionally located building, with very low risk. However, we were approached by a 1031 buyer and sold the property, doubling our equity in 2 years. BAF was an investment partner in this property.