Baltimore, MD – Harbor Stone Advisors, in collaboration with Alex Cooper Auctioneers, has been awarded the assignment to market the Embassy, a mid-rise, value-add asset. Harbor Stone Advisors President, Justin Verner, Director, Brooks Healy, Senior Advisor, Tom Wohlgemuth, Advisor, Kevin Landolphi, and Matt Cooper of Alex Cooper Auctioneers are marketing the property. The online auction opens Saturday, July 25 and closes Thursday, July 30 at 12pm EST.
The property, located at 3809 Clarks Ln., is comprised of 32 spacious apartments (avg. 1,045 SF) with a mix of (6) 1 Br-1 Ba, (22) 2 Br-2 Ba, and (4) 3 Br-2 Ba. Additionally, the property includes (5) office units which have been split into 15 suites, all of which are currently occupied. Amenities at the property include a surface parking lot, an elevator, and balconies for some units.
Typical unit finishes at The Embassy consist of white/black appliances, formica countertops, wood cabinets, carpet/tile flooring, and washer/dryers in some units. Current ownership has renovated all eight units on the fourth floor with a scope of stainless steel appliances, granite countertops, updated cabinets, updated bathrooms, and plank/tile flooring. In addition to unit renovations, the current owner has also replaced the roof, refreshed the common areas including paint, flooring, and lighting, replaced the elevator, and resealed/striped the parking lot.
The opportunity exists for a new owner to renovate the remaining units and increase rents. Similar properties in the area that have undergone renovations are achieving rents at least 10% higher on average. A new owner may also evaluate the implementation of a water and gas reimbursement program for all units upon renewal and/or new lease as currently only a handful of legacy tenants are reimbursing.
The property is located in Northwest Baltimore, offering convenient access to I-695, a plethora of retail, and the Reisterstown Metro Station. Nearby retail and recreation destinations include Reisterstown Plaza (currently undergoing a $20M redevelopment), Pimlico Racetrack (currently undergoing a $400M redevelopment) the Festival at Woodholme, and Suburban and Woodholme Country Clubs. The area further benefits from easy access to major employers including Sinai Hospital, the Social Security Administration, and the Maryland Transit Administration.
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. For additional information, visit: www.harborstoneadvisors.com