Berkadia Arranges $73m Sale of Two Mid-Rise, Class A Multifamily Assets in Baltimore, Maryland
Baltimore, Maryland – September 18, 2025 – Berkadia, a distinguished leader in the commercial real estate sector, is pleased to announce the sale of 1901 South Charles, a two-property, LEED Gold-certified residential community consisting of 345 units and commercial space located in the South Baltimore section of Baltimore, Maryland.
Senior Managing Directors Drew White and Brian Crivella; Managing Directors Carter Wood, Bill Gribbin and Yalda Ghamarian; and Director Cole Carns of Berkadia DC Metro and Berkadia Richmond, represented the seller, Benefit Street Partners, a leading credit-focused alternative asset management firm based in New York. FPA Multifamily, a San Francisco-based privately held real estate investment firm specializing in the acquisition, management, and repositioning of multifamily properties across the U.S., acquired the property for $73 million, with an existing HUD loan assumption.
The deal closed on September 11. The properties were approximately 95% occupied at the time of sale.
“The Lofts and The Flats feature iconic American design and command an exceptional, irreplaceable location close to Baltimore Peninsula, an historic $5.5 billion public-private partnership that is transforming the South Baltimore waterfront into a vibrant live-work-play community,” said Berkadia’s Drew White. “These properties are in an excellent position to capture additional upside through a focused value-add program that will deliver curated amenities and units catering to renters’ needs and preferences today.”
Built in 2012 and 2015, The Lofts (1901 South Charles Street, 193 units) and The Flats (2 East Wells Street, 152 units) are 16-story concrete masonry buildings located across the street from each other.
Studio, one- and two-bedroom units average 853 square feet, with fully equipped kitchens with granite countertops, oversized windows, full-size washer and dryer, walk-in closets, contemporary urban finishes, and 9-foot ceilings and patios/balconies in select units. Other amenities include a 5,000-square foot residential lounge, courtyard with grill stations, 24-hour fitness center, rooftop deck with views of the Baltimore skyline, and indoor parking with 534 spaces. Both properties hold LEED Gold Certification from the U.S. Green Building Council.
The communities are conveniently located two miles south of downtown Baltimore; less than a mile from the Baltimore Peninsula, a new 14 million-square-foot commercial and residential development anchored by the global headquarters of Under Armour and CFG Bank; less than 5 miles from Johns Hopkins University and the Johns Hopkins Hospital and Health System locations; and 10 miles from Baltimore/Washington International Airport.
Baltimore’s Growing Apartment Rents Lure Large Investors | Costar
Pair of South Baltimore Apartment Buildings Trade for $73M | Baltimore Business Journal
FPA Multifamily Buys Two Baltimore Apartment Buildings for $73M | Commercial Observer
Berkadia Arranges $73M Trade for Baltimore Portfolio | Multifamily & Affordable Housing Business
Berkadia Arranges $73M Sale of Two Baltimore Multifamily Assets | Connect Media