Aberdeen, MD – Harbor Stone Advisors has orchestrated the sale of Aberdeen Towns, 17 bi-level townhome units in Harford County. The 100% occupied asset boasts average rents of $1,215. Harbor Stone Advisors President, Justin Verner, Director, Brooks Healy, Senior Advisor, Tom Wohlgemuth, and Advisor, Kevin Landolphi served as exclusive advisors to the seller, Cape May Properties.
The property, located at 80 E Bel Air Ave., features (17) 2Br-1 Ba townhomes. Former ownership upgraded 14 of the units with new kitchens, and typical unit features consist of granite countertops, black appliances, white or blue wooden cabinetry, and in-unit washers and dryers. The property also includes a common off-street parking lot.
The opportunity exists for the new owner to organically increase rents at Aberdeen Towns, as similar properties nearby are achieving rents around $150 higher than the subject property on average. A new owner may also lease units to Section 8 and/or voucher tenants in order to generate higher rents and certainty of rental income.
Located in Aberdeen, the property offers an excellent suburban location in Harford County. Residents are within a short drive of retail, major employers, and public schools. The county’s largest employer, Aberdeen Proving Ground, hosts over 22,000 employees and is one mile away. The county is an ever-growing hub for industrial tenants, and is currently home to distribution centers for many major retailers including Amazon and Kohl’s.
Wohlgemuth noted, “Investor enthusiasm for tertiary markets remains strong, as evidenced by the recent sale of Aberdeen Towns. In this transaction, our team successfully represented Cape May Properties, the seller, and sourced the local buyer”.
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