Harbor Stone Advisors Facilitates Sale of Cedar Hill Apartments
Baltimore, MD – Harbor Stone Advisors has orchestrated the sale of Cedar Hill Apartments, 20 units in Suburban North Baltimore with average rents of $1,383. Harbor Stone Advisors President Justin Verner, Director Brooks Healy, and Senior Advisor Tom Wohlgemuth served as exclusive advisors to the seller.
Cedar Hill Apartments, located at 901-903 Woodson Rd., features 20 large 2 Br-1 Ba units. Each unit includes a patio or balcony, and typical unit features consist of white appliances, wood cabinets, hard surface countertops, and tile/carpet flooring. Former ownership has completed multiple capital improvement projects over recent years including replacement of the roof, new HVAC in 5 units, and updates to 5 units.
The opportunity exists for the new owner to perform a light renovation on all units and increase rents accordingly, as comparable properties nearby are achieving rents at least 10% higher on average. Additionally, the new owner can install in-unit washer/dryers for an additional premium and implement a utility reimbursement program upon renewal and/or new lease.
Verner noted, “Harbor Stone Advisors is pleased to annouce the sale of Cedar Hill Apartments, a garden apartment building in North Baltimore City. We sourced a local buyer after a robust response to our 30 day marketing process. The property consisted of 20 units with value add opportunities via a light renovation plan. The suburban location with the ability to increase rents quickly upon sale were driving forces behind this successful sale”.
About Harbor Stone Advisors
Harbor Stone Advisors specializes in middle-market multifamily investment sales throughout the Mid-Atlantic. Advisory services include value opinions, asset dispositions and marketability analysis for private clients, owners, investors and financial organizations.
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