Melvin Park

Melvin Park (“the Property”), is a 1953 vintage, 263-unit property located in Catonsville, Maryland within Baltimore County. Melvin Park presents the opportunity to continue a proven comprehensive renovation strategy and capture immense achievable value-add upside through in-unit, common area, and amenity renovations. The Property’s unit mix is comprised of 100% two-bedroom, single-family style units averaging 753 square feet and features 71% of the unit mix (188 units) to be renovated. Recently renovated Premium units have achieved an average $145 premium (10%) over the unrenovated units. The investment opportunity is highlighted by the Property’s continued strong performance with 4.6% YTD lease trade-outs at the Property. Baltimore County fundamentals continue to outperform, and strong third-party research supports the continued rental growth story. Significant annual rent growth projections of 3.3% through 2027 and zero current or anticipated future supply highlight the inherent growth within the submarket. The Property also boasts area-leading Baltimore County demographics including $116K AHHI and highly rated public-school system.