Baltimore, MD – Harbor Stone Advisors, in collaboration with Alex Cooper Auctioneers, has orchestrated the sale of Lane Apartments, a 96-unit garden apartment community in Northwest Baltimore. The asset sold for $6,510,000 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 2900-2938 W Coldspring Ln., is comprised of 96 units with a mix of (3) 1 Br-1 Ba, and (93) 2 Br-1 Ba. Typical unit features consist of white appliances, formica countertops, wood cabinets, and parquet/hardwood flooring.
Property amenities include a surface parking lot and an on-site laundry facility. Additionally, former ownership performed numerous capital improvements, including the update of 48 electric panels and replacement of the majority of roofs.
The opportunity exists for the new owner to increase value via a renovation program, 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 20% higher on average.
Lane 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 Lane 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