THREE GARDEN VILLAGE
592 APARTMENTS AND TOWNHOMES • BALTIMORE COUNTY, MARYLAND
VALUE-ADD OPPORTUNITY
OFFERS DUE - THURSDAY, MARCH 19, 2015
THREE GARDEN VILLAGE
592 APARTMENTS AND TOWNHOMES • BALTIMORE COUNTY, MARYLAND
Offering Price:
Address:
Unpriced
7003 Dunmanway
Baltimore, MD 21222
Offer Due Date:
Thursday, March 19th, 2015
Terms:
Asset Offered “Free & Clear”
INVESTMENT OPPORTUNITY
Transwestern’s Mid-Atlantic Multifamily Group, as exclusive agent, is pleased to present
for sale Three Garden Village (“The Property”), a 592-unit garden/townhome-style
apartment community in Baltimore, Maryland. The Property is located in Historic Dundalk
in eastern Baltimore County with close proximity to Canton, Downtown Baltimore,
the Inner Harbor and the Port of Baltimore. The offering provides an extremely rare
opportunity to purchase a solid well-maintained multifamily property constructed on
three distinct sections in the mid 1930’s to late 1940’s. The Property meets the 10 year
ownership requirement for affordable housing and is currently enrolled in the historical
tax credit program which will expire this year.
MANAGEMENT UPSIDE
Three Garden Village provides an investor an extremely rare opportunity to acquire,
reposition and enhance the quality of a long-term locally and independently owned and
operated multifamily community. As the only multifamily asset in the current ownerships
real estate portfolio, the Property offers a tremendous amount of management upside
through experienced and effective hands-on management with the ability to take
advantage of multitude of expense reductions including controllable expenses (ie.
Payroll, Advertising and Turnover), utility restructuring, additional income premiums
from interior renovations, other income drivers, and marketing/curb appeal initiatives.
THE INVESTMENT OFFERING PROVIDES SUPERIOR
MANAGEMENT UPSIDE OPPORTUNITY WITH THE ABILITY TO
REDUCE EXPENSES AND GROW INCOME.
HIGH COST CAPITAL IMPROVEMENTS COMPLETED
The Property most recently completed a full electrical upgrade to each unit to include
new meters, wiring and electrical panels to 100 amp service ($3+ million) with tenants
now responsible for electric. Approximately 35 units have been converted to individual
split HVAC systems and receive a $50 premium. Additional improvements over the past
10 to 20 years include the majority of the roof systems, window replacement, vinyl
façade/trim and building entry improvements, a large number of natural gas boilers
and all the hot water heating systems. The majority of the community has received
some level of interior renovation with approximately 150 units that still have original
kitchen cabinetry and provide the ability to garner premiums upwards of $100 following
renovations. Amenity improvements include construction of two separate laundry
centers with new machines owned and operated by the property.
Number of Units:
592 Apartments and Townhomes
Year Built:
1935 and 1946
Net Rentable Area (SF):
420,680 SF
Average Unit Size (SF):
711 SF
Average Market Rent/Month:
$738
Average Market Rent/SF:
$1.04
Occupancy:
UNIT
TYPE
1BR/1BA (CORNWALL)
1BR/1BA (DUNDALK)
1BR/1BA TH (LIBERTY)
1BR/1BA TH HVAC (LIBERTY)
1BR/1BA DEN TH (LIBERTY)
1BR/1BA DEN TH HVAC (LIBERTY)
2BR/1BA (CORNWALL)
2BR/1BA (DUNDALK)
2BR/1BA TH (LIBERTY)
2BR/1BA TH HVAC (LIBERTY)
TOTAL/AVERAGE
92.1% (as of 2/10/2015)
TOTAL
# UNITS
164
184
41
15
17
7
20
88
43
13
592
% OF
MIX
27.7%
31.1%
6.9%
2.5%
2.9%
1.2%
3.4%
14.9%
7.3%
2.2%
100%
UNIT
SF
630
630
760
760
840
840
810
810
915
915
711
RENT
$/SF
$635
$675
$720
$770
$870
$920
$835
$875
$930
$980
$738
$1.01
$1.07
$0.95
$1.01
$1.04
$1.10
$1.03
$1.08
$1.02
$1.07
$1.04
LOCATION OVERVIEW
The Property is ideally located on Dunmanway, between Dundalk Avenue and Merritt
Boulevard that connects to I-95, I-895 and I-695, and offers close proximity to Baltimore
City. Major employers in the area include Johns Hopkins Bayview Medical Center,
Amazon Fulfillment Center, Port of Baltimore Seagirt Terminal and Dundalk Terminal.
Historic Dundalk has witnessed tremendous community revitalization due to the area’s
superior location, access to major roadway arteries and connectivity to Baltimore City.
VALUE-ADD OPPORTUNITY
> Under-managed asset offering extraordinary opportunity to significantly reduce
controllable operating expenses and grow income.
> Opportunity to significantly reduce the current natural gas expense ($400K) by
converting to individual split or heat pump HVAC systems and abandoning the central
heating boiler systems.
> Current asking rents are below market and offer the ability to generate higher rental
rates from improved kitchen and bathroom renovations. Current comp set indicates
$100 premium for renovated product.
> Ability to increase revenue by bringing garage units back online for additional rental
income. Following the conversion of several of garages spaces to a laundry center
and maintenance shop approximately 90 of the original 102 garages remain and it is
estimated that 30 of the garages are currently off-line.
> Opportunity to improve and add value to marketing and curb appeal initiatives as well
as the non-existence of any real amenity package.
THREE GARDEN VILLAGE
592 APARTMENTS AND TOWNHOMES • BALTIMORE COUNTY, MARYLAND
INVESTMENT HIGHLIGHTS
>Offered “free and clear” of any debt encumbrances.
>Significant management upside opportunity through both income generation and
expense reduction.
>Meets the 10-year hold requirement for affordable housing preservation and
approximately 10% of the current residents are in the Section 8 voucher program.
>The Property consists of three separate tax parcels providing the potential for a new
owner to operate a portion of the community as affordable housing. The Dundalk
section consists of 272 apartments with direct-access, Liberty consists of 136
townhomes and Cornwall consists of 184 garden-style apartments with glass storefront entryways.
>Additional upside opportunities through interior renovations and potential
abandonment of central plant systems allowing for further income creation and utility
cost reduction.
>Smart capital improvements completed benefiting new ownership such as full
electrical upgrades and large majority of roof systems.
>Charming neighborhood located within walking distance to variety of lifestyle and
recreational amenities including a variety of restaurants and shops, local parks, YMCA
Swim Center, Dundalk Community Center, local schools and places of worship.
>Close proximity to major thoroughfares Dundalk Avenue, Merritt Boulevard, Broening
Highway and Holabird Avenue providing residents access to numerous local and
regional entertainment and employment centers.
>The new $101 million Dundalk High and Sollers Point Technical High opened in 2013
and are located adjacent to the Community College of Baltimore County (CCBCDundalk) approximately one-half mile from Three Garden Village.
>The Amazon Fulfillment Center located at the nearby Chesapeake Commerce Center
employs more than 1,000 workers.
>Strong Public Transportation access provided by multiple bus routes connecting
residents Downtown Baltimore and Johns Hopkins Bayview Medical Center as well as
locations throughout eastern Baltimore County.
DUNDALK HIGH
SOLLERS POINT
TECHNICAL
CCBC-DUNDALK
SO
LLE
RS
PO
INT
RD
DUNDALK VILLAGE
DUNDALK VILLAGE CENTER
HERITAGE PARK
DUNDALK
MIDDLE
DU
A LK
ND
AVE
DUNDALK
ELEMENTARY
MA
DU N
DUNDALK AQUATIC CENTER (YMCA)
Y
NWA
THREE
GARDEN
VILLAGE
40
DOWNTOWN
BALTIMORE
INNER HARBOR
H
HOPKINS
3-
M
I
BAYVIEW
895
CANTON
LE
2-
M
I
ODONNELL ST
BOSTON ST
150
BALTIMORE COUNTY
BALTIMORE CITY
LE
95
695
AN HILL RD
GERM
DUNDALK
a
SEAGIRT
TERMINAL
BR
R.
ING
0.5
-
R.
ware
Dela
Wilmington
HW
Y
895
Claymont
Cockeysville
795
Woodlawn
70
Towson
White
Marsh
Vineland
Pleasantville
ABERDEEN
PROVING
GROUNDS
13
Somers Point
Dover
Glen Burnie
FORT
MEADE
97
301
Severna
Park
9
To
ll
13
50
295
301
College Park
Annapolis
50
Delaware
Washington, D.C.
95
301
Alexandria
95
Millville
New Jersey
Silver Spring
495
157
Ocean City
Laurel
Arlington
30
Dundalk
1
66
To
ll
40
Bridgeton
695
95
495
Hammonton
Essex
Baltimore
29
Rockville
95
40
83
Columbia
270
206
Glassboro
l
Tol
Pennsville
DUNDALK
TERMINAL
1
Reisterstown
695
THREE GARDEN VILLAGE
Bel Air
83
Bethesda
95
Brookside
Randallstown
Camden
Cherry Hill
OE
N
Newark
erick
Philadelphia
Upper Darby
295
ARYLAND
LV
D
ITT
B
RD
nn
ha
ue
sq
Hanover
222
T
AVE
ALK
Su
95
ILE
M
ME
ND
York
30
CCBC
DUNDALK
RR
SO LLERS P O I N
E
IL
DU
1M
D AVE
HOLABIR
DSPARROWS
E L A W A R POINT
E
B A Y
TERMINAL
113
C H E S A P E A K E
B A Y
695
9
a
City
FOR PROPERTY INQUIRIES CONTACT
CA / WEBSITE ACCESS CONTACT
St. Charles
DEAN SIGMON
Executive Vice301President, Director
dean.sigmon@transwestern.com
C: 703.851.0126 • P: 301.896.9089
Cambridge
50
ROBIN WILLIAMS
Executive Vice President, Director
robin.williams@transwestern.com
C: 301.922.8731 • P: 301.896.9070
JUSTIN SHAY
Vice President
justin.shay@transwestern.com
50
C: 410.977.6308 • P: 301.896.9082
Salisbury
KATIE RUBINO
Marketing Associate
katie.rubino@transwestern.com
P: 301.896.9069 • F: 301.571.3423
ricksburg
For more information on the Three Garden Village please visit our website at
Lexington Park
http://twmidatlanticmultifamily.listinglab.com/ThreeGardenVillage
Ra
pp
301
ah
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MID-ATLANTIC HEADQUARTERS
6700 Rockledge
Drive, Ste. 500-A
P o c o m o k e13
Bethesda, MD 20817
S o u n d
P: 301.896.0900 F: 301.571.3423
A t l a n t i c
O c e a n
17
The information contained herein was
obtained from sources deemed reliable and, while believed correct, is offered subject to errors, price changes and prior sale or withdrawal without notice
360