--With $5.7 million stalking horse contract in hand for 97%-occupied property, competing bids due by Feb. 24 for potential auction on Feb. 28
DUNDALK, Md., Feb. 15, 2023 /PRNewswire/ -- In its capacity as real estate advisor for the Chapter 11 Trustee of Keyway Apartment Rentals, LLC, A&G Real Estate Partners is now accepting competing bids for a profitable 64-unit garden apartment complex in Baltimore County.
The Trustee has a signed $5.7 million contract for the Keyway Apartments from a stalking horse bidder, subject to higher and better offers and Bankruptcy Court approval. Competing bids are due by Feb. 24. A minimum competing offer of $5.85 million would trigger an auction on Feb. 28.
Located at 123 Willow Spring Road in Dundalk, the 41,412-square-foot rental complex is comprised of three, two-story brick veneer buildings on 1.89 acres. Units average approximately 550 square feet.
The property, which is 96.9% occupied, was built in 1941 and underwent a complete renovation in 2017 that included interior improvements like new appliances, granite countertops, and flooring; new plumbing and electrical systems; roof and HVAC replacements; and security system updates.
Situated in southeast Baltimore County, Keyway Apartments is approximately seven miles from downtown Baltimore. Primary access to the property is provided by Interstate-95/895, Interstate 695 (the Baltimore Beltway), and Route 40 (Pulaski Highway). The site offers ingress and egress via entrances from Willow Spring Road, Keyway and Kinship Road.
"The Keyway Apartments sale offers a unique opportunity for investors to acquire a profitable, well-occupied rental complex in a submarket with strong occupancy levels," said A&G Senior Managing Director Mike Matlat. "And with the recent renovations, buyers can hit the ground running on this well-located, high-visibility property."
Keyway Apartment Rentals, LLC filed for Chapter 11 Protection in the U.S. Bankruptcy Court for the District of Maryland (Case No. 22-13389-MMH) on June 21, 2022. The Trustee on the case is Patricia B. Jefferson, Principal at Miles & Stockbridge.
SOURCE A&G Real Estate Partners