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4906 Alson Dr. - Baltimore, MD 21229
PROPERTY Stats
108
UNITS
2002 - 2003
Year Rehabbed
70,876
sF
PROPERTY OVERVIEW
Westhills Square is a 108-unit mixed-income housing community located in Baltimore, MD. The property is conveniently located minutes from major retailers including Safeway, The Home Depot, and Walmart. Numerous restaurants, schools, and major transportation arteries are nearby as well.
Baltimore is home to several institutions of higher education, including University of Maryland- Baltimore County, which is approximately 15 minutes from West Hills Square.
The property was built in 1940-1948 and renovated and placed in service in 2002 & 2003 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There are existing regulatory agreements in place which require at least 72 units to be rented to income qualifying residents earning no more than 30%, 50%, and 60% of the Area Median Income (AMI) limits, which are provided by the Department of Housing and Community Development of the State of Maryland. The remaining units are unrestricted.
Baltimore has been a high rental growth market, with an average rental rate increase of 21% over the past four years, per Yardi
Strong operational upside potential at the asset, with current rents at a significant discount to comparable properties
Baltimore’s Historic Attractions have made the city a popular tourist destination with an estimated $2.7 billion in tourist revenue in 2022
The Baltimore MSA has experienced excellent income growth, as evidenced by the HUD Median Family Income increasing by 28.24% since 2018
INVESTMENT HIGHLIGHTS
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
Associate Director
614.796.0218
garret.mater@berkadia.com
Garret Mater
Senior Managing Director
Affordable Housing
253.653.3313
brandon.grisham@berkadia.com
BRANDON GRISHAM
MORTGAGE BANKERS
4445 Willard Ave.
Suite 1200
Chevy Chase, MD 20815
CHEVY CHASE OFFICE
601 Union Street
Suite 3909
Seattle, WA 98101
SEATTLE OFFICE
Contacts and Office Locations
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Director
Affordable Housing
425.761.1640
mike.terry@berkadia.com
MIKE TERRY
Senior Managing Director
614.468.5805
matthew.napoleon@berkadia.com
Matthew Napoleon
INVESTMENT ADVISORS
Senior Managing Director
301.202.3571
andy.wimsatt@berkadia.com
ANDY WIMSATT
Senior Managing Director
Multifamily
240.204.5128
walter.coker@berkadia.com
WALTER COKER
