Baltimore, MD – Harbor Stone Advisors, in collaboration with Alex Cooper Auctioneers, has orchestrated the sale of Parkview Apartments, a 40-unit garden apartment community in Northwest Baltimore. The asset sold for $3,045,000 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.
Parkview Apartments, located at 3905-3919 Parkview Ave., is comprised of 40 spacious units with a diverse unit mix of (26) 1 Br-1 Ba, (10) 2 Br-1 Ba, and (4) 3 Br-2 Ba layouts. Typical unit features consist of white/black/stainless steel appliances, formica countertops, wood cabinets, and LVP/tile/ hardwood flooring. Additionally, property amenities include a surface parking lot, balconies for some units, 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 nearby comparable properties are achieving rents at least 15% higher.
Parkview Apartments benefits from its convenient location in Suburban NW Baltimore. Nearby transit amenities include quick access to I-695 and the Rogers Avenue 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, “We are excited to announce the successful auction sale of Parkview Apartments. This marks the first time the property has changed hands in 40 years. Harbor Stone Advisors (HSA) and Alex Cooper Auctioneers represented the seller in this transaction. The winning bidder is a local buyer who sought to expand their existing real estate portfolio in the area”.
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