Address:225 N Charles St, Baltimore, MD 21201
Neighborhood:Historic Orientation of the Inner Harbor
# of Units:306
Completion Date:Built in 1866. Purchased in July 2021
UIP acquired the tower and the Entertainment venue at auction, this purchase represents a 52% discount from when the tower and The Grand were sold in December 2017. The properties are an existing 306 unit tower and a 89,237 SF entertainment venue in Baltimore, MD that were purchased in July 2021. Embassy Suites was originally built as an apartment building. The Grand, built in 1866, continues to be one of the city’s finest historic landmarks and went through renovations that were completed in 2006.
- Acquired a stabilized cash flowing flex-industrial asset at an above market cap rate (9.15% Going-in Cap Rate)
- Very Low cost basis – less than $60,000/door
- Perfect walk score – 100
- Opportunity to dramatically lower utility costs
- Accessible to transportation hubs – BWI, Penn Station (Amtrak), MARC, I-95
- Located in the central business district
- In an opportunity zone and qualifies as an OZ fund investment
- Qualifies for high performance tax credits
- Located in Inner Harbor Baltimore, MD, the subject properties are in a neighborhood comprised of eight (8) Fortune 1000 Company headquarters and home of the largest U.S. seaport in the Mid-Atlantic. It offers close proximity to Baltimore’s modern service economy with a focus on health care and life sciences, international finance and banking, hospitality, entertainment, and maritime commerce.