OneWall Partners Acquires Oak Grove, 259-Apartment, 88-Townhome Community in Maryland

 In Articles, Business, News

OneWall Further Expands Footprint in Baltimore Area With Purchase of Hopkins Point from Kushner Cos.


 

Stamford,CT – May 24, 2021 – OneWall Partners recently acquired Oak Grove Apartments & Townhomes, a suburban Baltimore apartment community, for $32.5 million from Morgan Properties, the nation’s largest private multifamily housing owner.The 17-acre property is 94 percent-occupied and consists of 22 market-rate apartment buildings with 259 apartments, plus 88 townhomes.

OneWall Partners is a Stamford, Conn.-based owner and operator of transit-oriented and suburban lifestyle-workforce housing in the Northeast. Along with Oak Grove,
OneWall Partners also recently purchased the newly rebranded Hopkins Point, formerly Whispering Woods, a 524-townhome rental community for $66 million from Kushner
Cos.

Both Oak Grove and Hopkins Point are located in Middle River, MD in southeast Baltimore County, 10 miles from downtown Baltimore. The properties sit minutes from I-95, I-695 and US Route 40, and three miles from 555,000 square feet of retail space, facilitating convenient commutes and shopping. Oak Grove and Hopkins Point are the most recent examples of OneWall’s continued efforts to expand its footprint across the
Northeast.

OneWall is very intentional in its approach to positively impact the communities in which it operates. To that end, OneWall seeks to improve Oak Grove both physically,
cosmetically and operationally in order to create an elevated living environment for its residents.

“We plan to spend more than $1 million in the first several years to upgrade exteriors and common areas and to provide air conditioning to all units as they’re renovated,” said Nate Kline, OneWall Partners’ CIO and a principal.” Additional funds will be spent on new kitchens and baths, upgraded flooring and modern finishes throughout.”

The acquisition of Oak Grove is the second investment made by OneWall’s Nova Appian Preferred Income Fund I, a preferred equity fund targeting transit-oriented and
lifestyle-oriented workforce housing in the Northeast U.S, that began investing in 2020.

The sale transaction was brokered by CBRE Multifamily. Brad Domenico, a partner in Progress Capital, secured the acquisition financing for Oak Grove with Arbor
Commercial Mortgage.

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