OneWall Further Expands Footprint in Baltimore Area With Purchase of Oak Grove Apartments & Townhomes from Morgan Properties
May 21,2021 – OneWall Partners recently acquired the newly rebranded Hopkins Point, formerly Whispering Woods, a suburban Baltimore rental property for &36#66 million from the Kushner Cos. The 39-acre property is 98 percent occupied and consists of 524 market-rate townhomes.
OneWall Partners is a Stamford, Conn.-based owner and operator of transit-oriented and suburban lifestyle-workforce housing in the Northeast. The acquisition of Hopkins Point is the firm’s first investment made in financial partnership with Enterprise Community Partners based in Columbia, MD.
“Enterprise and OneWall bring similar commitments to making positive social impacts to the communities and residents we serve,” said Ron Kutas, OneWalls’ principal and COO. “To that end, we seek to improve Hopkins Point physically, cosmetically and operationally to create an elevated living environment for our residents.”
Located in Southeast Baltimore County, Hopkins Point lies 10 miles from Baltimore in Middle River, MD, minutes from I-95, I-695 and US Route 40, and three miles from 555,000 square feet of retail, facilitating convenient commutes and shopping.
“Enterprise is committed to the preservation of well-located, affordable homes,” said Chris Herrmann, senior vice president of Enterprise. “In a community like Hopkins Point where hundreds of households have put down roots, we’re excited to partner with OneWall to keep rents affordable and make upgrades for the long-term.”
Also in Middle River, OneWall Partners recently acquired Oak Grove Apartments & Townhomes, a 259-apartment, 88-townhome, 17-acre rental property for $32.5 million from Morgan Properties. Along with Oak Grove, Hopkins Point represents OneWall’s continued efforts to expand its footprint across the Northeast.
“We’ve been tracking the Maryland market for some time and felt Hopkins Point Townhomes presented the perfect opportunity to enter the region with some scale,” said Andy Wallace, OneWall Partners’ CEO and principal. “Middle River and other Baltimore submarkets will continue strengthening as the economy recovers and regional infrastructure improvement projects advance.”
The sale transaction was brokered by CBRE Multifamily. Brad Domenico, a partner in Progress Capital, secured the acquisition financing for Hopkins Point with Arbor Commercial Mortgage.