© 2020 Greysteel / 1

EXCLUSIVE OFFERING

SPOTLIGHT ON BALTIMORE: MOUNT VERNON NEIGHBORHOODJUNE 2020

Market Overview

RECENT ACTIVITYMOUNT VERNON NEIGHBORHOOD

Unit Composition

33%One Bedroom

20%Studio28%

Three Bedroom

467units of positive net absorption since 2011

567units delivered since 2011 (zero units under construction as of Q2 2020)

Data courtesy of Greysteel Analytics, CoStar Realty Information, Inc. Survey includes multifamily properties greater than 5 units (3,575 units in aggregate). Fully affordable properties and the following asset types are excluded from the survey: senior, corporate, military, and student.

93.5%average occupancy rate since 2011

$1,222average asking rent per unit as of Q2 2020

Average Asking Rent Per Month

$1,825

$1,474

$1,197

$908

3 BDR

2 BDR

1 BDR

Studio

$0 $500 $1,000 $1,500 $2,000

$1.35

$1.40

$1.45

$1.50

$1.55

$1.60

$1.65

$1.70

0

50

100

150

200

250

300

350

2013

2014

2015

2016

2017

2018

2019 YTD

Effe

ctiv

e re

nt

/ SF

# o

f u

nit

s

Under Construction Deliveries Effective Rent / SF

Pipeline vs Effective Rental Rate PSF

4040

83

BALTIMORE

JON

ES FALLS EX

PRESSWAY

FRANKLIN-MULBERRY EXPRESSWAY

ST. PAU

L STREET

N. C

ALV

ERT STREET

EUTAW PLACE

N. MARTIN

LUTH

ER K

ING JR

BOULE

VARD

2

19%Two Bedroom

305 W. MADISON STREET

© 2020 Greysteel / 2

Rent Comparables JUNE 2020

CONTINUE TO SALES COMPARABLESListed properties represent a small cross-sampling of the overall market. Data courtesy of CoStar Realty Information, Inc.

The Morrison Baltimore, MD

Calvert Lofts Baltimore, MD

611 Park Avenue Baltimore, MD

Mount Vernon Apartments

Baltimore, MD

Mount Vernon Flats Baltimore, MD

Property

Year Built/Reno. 2020 2017 1965/2011 1940/2010 1920/2005

Occupancy 65.3% 90.2% 93.6% 97.0% 100.0%

Avg. Unit Size 638 SF 708 SF 548 SF 971 SF 894 SF

Rental Rates

Unit Type Per Unit Per SF Per Unit Per SF Per Unit Per SF Per Unit Per SF Per Unit Per SF

Studio $1,201 $2.83 $1,177 $2.89 $923 $2.16 $805 $1.61 — —

1 BDR $1,441 $2.31 $1,420 $2.24 $1,065 $1.63 $906 $0.95 $1,078 $1.57

2 BDR — — $1,990 $1.89 $1,561 $1.81 $1,158 $1.05 $1,378 $1.25

3 BDR — — — — — — $1,359 $0.91 — —

Amenities

Balcony/Patio

Ceiling Fans • • •

Dishwasher • • •

Fitness Center • •

Pet-Friendly • • • • •

Pool •Premium

Countertops •Premium Flooring • • • •

Stainless Steel Appliances •

Walk-in Closets • •

Washer/Dryer • • •

The report below features a sampling of properties located in the Mount Vernon neighborhood area. Please note the different

locations and adjust comparisons accordingly.

© 2020 Greysteel / 3

Recent Sales

The report below features a sampling of properties (5 units and higher) that sold since June 2019 in the Mount Vernon

neighborhood. Please note that different locations, amenity base, asset vintage, unit sizes and mixes, and other variables

contribute to variances in sales metrics, and adjustments to comparisons should be made accordingly. Also note that sales

comparables provide a snapshot of recent transactions and are not a perfect predictor of future market movement and behavior.

Cathedral Commons Baltimore, MD

932 N. Calvert Street Baltimore, MD

708 Park Avenue Baltimore, MD

Cathedral Arms Baltimore, MD

9 E. Read Street* Baltimore, MD

Property

Close Date March 2020 March 2020 February 2020 November 2019 June 2019

No. of Units 16 7 6 9 8

Year Built/Reno. 1900 1900 1880 / 2014 1900 1924 / 1994

Price $2,350,000 $630,000 $2,350,000 $800,000 $845,000

Price/Unit $146,875 $90,000 $391,666 $88,888 $105,625

Price/SF $127.67 $78.75 $260.39 $139.69 $107.67

SellerLocal Real Estate Investment Firm

Private Investor Private Investor Private Investor Private Investor

Buyer Private Investor Private Investor Private Investor Private Investor Private Investor

JUNE 2020

*Greysteel Exclusive Listing

Listed properties represent a small cross-sampling of the overall market. Data courtesy of Greysteel Research, CoStar Realty Information, Inc.

CONTINUE TO RECENT ACTIVITY

© 2020 Greysteel / 4

FAIRMONT PORTFOLIO | BALTIMORE, MD | 272 UNITS

UNDER CONTRACT21208 21209

21270

21215

21207

2121021212 21239

21234 21236

21214

21218

21251

21206

21237

21213

21205

21211

2121721216

21229

21228

21223

21201

21202

21230

21233

2128721287

21231

21224

21281

2122721225 21222

21226

2122621226

21225

1

2

14

1

1

13

28

2

13 22

27

52

7

1

1

26

30

2

Properties Zip Code Area

1 21201 Downtown • Lexington Market

2 21205 Broadway • Monument Street

14 21206 Frankford • Raspeburg

1 21210 Roland Park • Cross Keys

1 21211 Remington • Hampden

13 21212 Govans • Homeland

28 21213 Belair • Edison

2 21214 Hamilton • Lauraville

13 21216 Walbrook • Forest Park

22 21217 Druid Hill Park • Bolton Hill

27 21218 Waverly

52 21223 Carroll • Union Square • Franklin

7 21224 Highlandtown • O’Donnell Heights

1 21226 Hawkins Point • Curtis Bay

26 21229 Irvington • Ten Hills

30 21230 Westport • Locust Point

2 21231 Fells Point

1 21239 Northwood • Loch Raven

Recent Activity JUNE 2020

EXCLUSIVE OFFERING

305 W. MADISON STREET | BALTIMORE, MD

Investment SummaryYear Built 1900

Units 5

Building 1

Gross Building SF 5,200

Lot Size 0.2 Acres

Zoning B041

For more information about this listing, please contact:

W. KYLE TANGNEYManaging Director202.280.2730ktangney@greysteel.comMD 645459

TREVOR WHITEInvestment Associate202.655.2121twhite@greysteel.comMD 5001740

THE OFFERING• Built in 1900, 305 W. Madison Street is a multifamily property totaling

five units in the western portion of Baltimore’s historic Mount Vernon neighborhood.

• The unit mix contains four studio apartments and a one one-bedroom apartment, highly desirable for a neighborhood catering to young professionals, millennials, and students.

• Rents currently collected fall well-below similar buildings in the submarket. Even after notable rent increases the Property will remain as affordable, lower-priced housing options in Mount Vernon.

• At the epicenter of the ongoing Howard Street Revitalization and just two blocks north of the Howard Row Development in the Bromo Arts District. The Property is just down the hill from the Howard Street Dog Park.

ATTRACTIVE VALUE-ADD OFFERING

PROXIMITY TO SCHOOLS & EMPLOYERS

HIGHLY DESIRABLE RESIDENTAL

© 2020 Greysteel / 5

BALGreysteel | 400 E. Pratt Street | 8th Floor | Baltimore, MD 21201

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MD License 636050

Broker | Ari Firoozabadi | 636050

For more information or to inquire about Greysteel, please contact Ari Firoozabadi, President & CEO | af@greysteel.com  |  202.417.3873

Offices Nationwide | License Information and Online Disclosures

© 2020 Greysteel

Nicole CapobiancoVice President of Transaction Services

Yassi GhashghaiVice President of Corporate Services

Madison WellsSenior Transaction Coordinator

Keeley ByerLead Research Analyst

Brett BurkhartLead Research Analyst

Kris FosterResearch Analyst

Kelsey BrendelSenior Designer

Alicia SlaterSenior Designer

INVESTMENT SALES

CAPITAL MARKETS

TRANSACTION SERVICES

W. KYLE TANGNEY HERBERT SCHWAT TC COSBY TREVOR WHITEManaging Director202.280.2730ktangney@greysteel.comMD 645459

Director202.618.3419hschwat@greysteel.comMD 670463

Director202.280.2823tcosby@greysteel.comMD 679685

Investment Associate202.655.2121twhite@greysteel.comMD 5001740

BRENDAN SCANLON JACK WHITMANSenior Director202.803.5810bscanlon@greysteel.comD.C. SP98372374

Finance Associate202.602.6304jwhitman@greysteel.com