$250 Million Recap in Baltimore MSA

December 10, 2019

Carlton has announced the closing of a $250 million equity recapitalization of an 1,800+ unit stabilized apartment portfolio located in the Baltimore MSA. Carlton CEO Michael Campbell and Managing Director Steve Fenster handled both sides of this transaction and facilitated this major recapitalization, which provided the following benefits for Carlton’s client:

• We achieved for our client a very favorable valuation for their existing equity stake in the portfolio, and our client will also stay in as property manager and continue to reap the future economic benefits of this portfolio.
• The recapitalization received sufficient capital to buy out our client’s existing institutional partner as well as to renovate 1,000 apartment units, which will significantly increase the future value of the portfolio.

Carlton’s client is a successful family business, which owns and operates over one billion dollars of residential and commercial property throughout the United States.

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