Javelin 19 Investments, Ditto Residential, Longford Management Acquire 85-Unit Value-Add Property in Baltimore
WASHINGTON, D.C., April 20, 2017 — Javelin 19 Investments and Six Ten Properties announced today the acquisition of Nottingham South Apartments, an 85-unit, value-add multifamily investment near the Social Security Administration inside the I-695 and I-70 interchange in Baltimore.
Six Ten Principal Dave Illes explained, “The property represented a promising opportunity to acquire existing cash flow at an attractive yield and add value through a modest renovation and modernization program.”
In addition to its convenient location inside the Baltimore beltway off I-70, Nottingham South is situated in the neighborhood of Hunting Ridge, a serene, mature and densely-populated submarket in Baltimore, Maryland comprised of well-maintained homes and gardens and an active community. The $4.25 million property consists of 33 studio units, 40 1BR/1BA units, and 12 2BR/1BA units and will be managed by Longford Management.
“This acquisition is representative of our investment strategy of buying assets that are proximate to transportation corridors, retail amenities and employment centers, and that offer the ability to increase NOI through revenue enhancement programs and prudent expense management. We are actively pursuing other 30 to 100 unit multifamily core-plus and value add acquisitions in the Baltimore-Washington markets,” Six Ten Principal Martin Ditto stated.
About Javelin 19, Ditto Residential, and Longford Management
Javelin 19 Investments, Ditto Residential, and Longford Management have formed a partnership to acquire, operate and manage core-plus and value-add multifamily assets in the Baltimore-Washington Metropolitan area. The team has extensive multifamily experience in developing and acquiring apartment communities, financing and capital markets, design and renovations, as well as property management. Collectively, the team has participated in the acquisition and development of more than 100 properties, with total capitalization exceeding $1 billion.
Javelin 19 is a metro-Washington, DC based development and investment firm with approximately $140 million in residential projects and transactions since its founding in 2011.
Six Ten Properties is a partnership between Ditto Residential and Longford Property Management.
Ditto Residential is the premier luxury for-sale and for-rent property development company in Washington, DC. Since 2008, Ditto has completed over 60 projects and has a current active development pipeline of $145 million.
Longford Property Management is a D.C.-based property and construction management and development company that manages more than 350 residential units and in excess of 200,000 square feet of commercial/office space across 75 buildings in the District of Columbia, Baltimore, and northern Virginia.