Foundry by the Park

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire Foundry by The Park (the “Property”), a 592-unit, garden-style, value-add apartment complex located in Dundalk, Baltimore County, Maryland.

Foundry by The Park features 428 one-bedroom and 164 two-bedroom units averaging 710 square feet. Ownership has completed a renovation program in 127 units (21% of the unit mix) that has commanded rental premiums upwards of $200, providing new ownership the opportunity to renovate the remaining 465 units (79% of the unit mix) to mirror the finishes of best-in-class competitors and achieve substantial rental increases. The current scope of renovation includes stainless steel appliances, gray LVT flooring, upgraded countertops, and white shaker-style cabinetry. In addition to a proven renovation program, rents for classic and renovated units trail the market average by more than 10% allowing new ownership to increase rents upon renewal or signing of leases. Furthermore, ownership has invested $4M addressing unit renovations and deferred maintenance items, including roof replacements, repaving parking lots, and upgrading balconies allowing new ownership to focus on revenue-generating enhancements.

Foundry by The Park is located in the heart of Baltimore’s industrial and logistics hub. The Chesapeake Commerce Center, Port 95 Industrial Center, and Tradepoint Atlantic Center are all within 5 miles of the property and are home to the Amazon, Under Armour, and Home Depot distribution centers. Furthermore, Johns Hopkins Bayview Medical Center, which employs over 3,500 medical professionals, is located 3 miles from the Property. In addition to regional demand drivers, Foundry by The Park is located equidistant to I-95 and I-695, just 15 miles from Baltimore Washington International Thurgood Marshall Airport.

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The Foundry by The Park represents the opportunity to acquire a value-add multi-housing asset of scale with proven rental upside in Dundalk, Baltimore County, Maryland.

Compelling Value-Add Opportunity

• Ownership has renovated 127 of the 592 units (21%) at the property while commanding rental premiums upwards of $200. The current renovation has been well received by new and existing tenants, setting the stage for new ownership to implement a luxury renovation program in the remaining 465 classic units and capitalize on proven rental increases. New ownership can enhance the unit interiors to compete with renovated peers in the market while maintaining cost effectiveness as comparable renovated properties are achieving $400+ rental premiums.

Multi-Housing Fundamentals

• Year over year rent growth hit a record high of 10.9% in 4Q21 in Southeast Baltimore County. Additionally, vacancy in the submarket remains around 3.8%

Dynamic Baltimore Location

• Foundry by The Park is located in the heart of Baltimore’s industrial and logistics hub. The Chesapeake Commerce Center, Port 95 Industrial Center, and Tradepoint Atlantic Center are all within 5 miles of the property and are home to the Amazon, Under Armour, and Home Depot distribution centers. Furthermore, Johns Hopkins Bayview Medical Center, which employs over 3,500 medical professionals, is located 3 miles from the Property. Johns Hopkins and its affiliates employ over 50,000 medical professionals in the Baltimore region, making them the city’s leading private employers. In addition to regional demand drivers, Foundry by The Park is located equidistant to I-95 and I-695, just 15 miles from the Baltimore Washington International Thurgood Marshall Airport.