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OneWall closes on $100M in suburban multifamily acquisitions

Stamford, CT-based OneWall Partners has acquired two suburban multifamily communities in separate deals totaling nearly $100 million.

It has bought the newly rebranded Hopkins Point (pictured top), formerly Whispering Woods, a suburban Baltimore rental property for $66 million from the Kushner Cos. The 39-acre property is 98 percent occupied and consists of 524 market-rate townhomes.

Oak Grove Apartments

And it has acquired Oak Grove Apartments & Townhomes, also in suburban Baltimore, 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.

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.”

“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.”

“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.”

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.

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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