Firoozabadi & Azarbarzin of Greysteel brokers $37.5m multifamily sale to Blue Ocean
HARFORD COUNTY, MD — Greysteel has arranged the sale of a 417-unit multifamily community to Baltimore-based Blue Ocean. Greysteel president & CEO, Ari Firoozabadi and senior investment associate, Ari Azarbarzin represented the seller, Weiss Brothers LLC, in the property’s first change of ownership since being constructed in 1964. KeyBank Real Estate Capital provided a $29.3 million bridge loan to a joint venture between Blue Ocean and JCR Capital for the acquisition.The property, known as The Homes of Towne Plaza, is located in Harford County, MD. The low-density, townhome and garden-style community, sits on app. 40 acres and consists of one-, two- and three-bedroom units. Located in the Joppa submarket, the property sits only steps away from the Baltimore County line and less than 4 miles from White Marsh and a dense employment base of large manufacturing and distribution facilities as well as business and industrial parks. “With Blue Ocean’s forthcoming comprehensive renovation plan, Homes of Towne Plaza will be positioned to offer unrivaled management services, amenities, and unit upgrades relative to the local submarket,” said Azarbarzin.