A Delaware-registered buyer this month purchased the Union Wharf apartments in Fells Point for the eye-popping price of $121.5 million.
The Bozzuto Group completed the $72 million waterfront complex with 281 units in 2013. The price nets the Greenbelt-based firm and its partner, the Cigna health insurance company, more than $430,000 per unit – higher than anything in Baltimore and on par with sales of apartment complexes in the Washington area.
"That is much higher than anything I've ever seen in Baltimore City," said William Rich, director of the multi-family practice at the Washington-based research firm Delta Associates.
The property was placed on the market last year. The deal closed March 18.
Bozzuto Group CEO Tom Bozzuto said the firm received more than a dozen initial offers, which narrowed to a final few that "kept raising their price." He declined to disclose the buyer, but land records identify the group as I&G Direct Real Estate 37, LP, which shares a business address with J.P. Morgan Investment Management Inc. in New York.
Bozzuto said he had not wanted to sell, but the potential return was too great for Cigna to pass up.
"Sometimes when they make a decision, you have to go along with it as a good partner," he said.