Baltimore, MD – Harbor Stone Advisors, in collaboration with Alex Cooper Auctioneers, has orchestrated the sale of Glen Arms Apartments, a 21-unit garden apartment community in Northwest Baltimore. The asset sold for $2,073,750 via auction sale. Harbor Stone Advisors President, Justin Verner, Director, Brooks Healy, Senior Advisor, Tom Wohlgemuth, Advisor, Kevin Landolphi, and Larry Cooper of Alex Cooper Auctioneers served as exclusive advisors to the seller, Layton Limited Partnership.
The property, located at 3405-3409 Glen Ave. and 5901 Doverdale Rd., is comprised of 21 units with a diverse unit mix of (1) Studio, (10) 1 Br-1 Ba, (2) 1 Br-1 Ba w/Den, and (8) 2 Br-1 Ba, as well as an on-site leasing office. Typical unit features consist of white/stainless steel appliances, formica countertops, wood cabinets, and LVP/carpet/tile/hardwood flooring. Additionally, property amenities include a surface parking lot, a balcony/patio for all units, and an on-site laundry facility.
The opportunity exists for the new owner to increase value via a renovation program, with a suggested scope of black/stainless steel appliances, updated cabinets, resurfaced countertops, and updated bathrooms. The market is accepting of higher-end renovations, and comparable properties nearby are currently achieving rents at least 15% higher on average.
Glen Arms Apartments benefits from its convenient location in Suburban NW Baltimore. Nearby transit amenities include quick access to I-695 and the Reisterstown Plaza Metro Station. Additionally, residents are within a short drive of plentiful retail, and major employers such as Sinai Hospital, the Social Security Administration, and the Maryland Transit Administration.
Verner noted, “Harbor Stone Advisors, working alongside Alex Cooper Auctioneers, is delighted to announce the successful auction sale of Glen Arms Apartments. This property was part of a 196-unit portfolio owned by Layton Limited Partnership. These properties have not transacted in over 40 years. The buyer will implement a value add program moving forward”.
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