Baltimore, MD – Harbor Stone Advisors and Alex Cooper Auctioneers have orchestrated the sale of the Lofts on Saint Paul, a 15-unit apartment community located in Baltimore City’s historic Mount Vernon neighborhood. The asset sold via auction sale. Harbor Stone Advisors President Justin Verner, Director Brooks Healy, Senior Advisor Tom Wohlgemuth, Advisor Kevin Landolphi, and Matt Cooper of Alex Cooper Auctioneers served as exclusive advisors to the seller, Aspen Capital.
The property consists of 15 apartments with a unit mix of (11) Studios, (2) 1 Br-1 Ba, (1) 1 Br-1.5 Ba, and (1) 2 Br-1 Ba with average rents of $1,212. Typical unit features consist of stainless steel appliances, wood cabinets, hard surface countertops, and hardwood flooring. Prior ownership completed a gut renovation of the property in 2015 which included apartment upgrades as well as new mechanical systems and window replacements. Additionally, the property includes three off-street parking spaces.
The opportunity exists for a new owner to organically increase rents at The Lofts on Saint Paul, as they are currently under market. Properties of similar vintage that have undergone renovations of a comparable scope are achieving rents at least $300 higher on average than the Subject property.
Located in Mount Vernon, the property is proximal to top colleges and universities, including Maryland Institute College of Art (MICA), one of the country’s premier art schools, and the Peabody Institute of The Johns Hopkins University. Additionally, residents are within walking distance of a plethora of shops, restaurants, museums, and entertainment venues. Several public transit options are also located nearby, including Penn Station and Baltimore’s Light Rail system.
Wohlgemuth noted, “Harbor Stone Advisors, working alongside Alex Cooper Auctioneers, is pleased to announce the successful auction sale of Lofts on St Paul in Mount Vernon. We were happy to represent Aspen Capital, the Portland-based seller, in another successful transaction”.
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