Randallstown, MD – Harbor Stone Advisors has orchestrated the sale of Devonshire Apartments, 64 units in Baltimore County. Harbor Stone Advisors President Justin Verner, Director Brooks Healy, Senior Advisor Tom Wohlgemuth, and Advisor Kevin Landolphi served as exclusive advisors to the seller, Devonshire Apartments Inc.
Devonshire Apartments, located at 10 Spinners Ct., features expansive units with a mix of (6) Junior 1 Br-1 Ba, (18) 1 Br-1 Ba, and (40) 2 Br-1.5 Ba. Typical unit features consist of white appliances, formica countertops, wood cabinets, carpet/ceramic tile/LVT flooring, and in-unit washer/dryers. Beyond the units, residents of the complex enjoy several on-site amenities, including a swimming pool, community room, and on-site parking.
The opportunity exists for the new owner to add value via a light renovation program with a suggested scope of stainless steel appliances, granite countertops, and LVT flooring throughout. The market is accepting of higher-end renovations and comparable nearby properties are achieving rents at least $300 higher than those at the property.
Devonshire Apartments is just steps from several major shopping centers and employers. Of note, Northwest Hospital, a leading medical institution with over 2,000 daily employees, is less than one-quarter mile from the property. Additionally, the property is located within 20 minutes of some of Baltimore County’s largest employers including Social Security Administration Headquarters, GBMC Healthcare, Stanley Black and Decker, Stevenson University, Towson University, and University of Maryland Baltimore County.
Healy noted, “Harbor Stone Advisors is excited to announce the successful disposition of the Devonshire Apartments in Randallstown, MD. HSA represented the seller, whose family developed the asset and it was the first time the property has changed hands. HSA also procured a local buyer who has similar assets within Baltimore County. Devonshire offered spacious garden apartments that were well maintained and a stable long term tenant base”.
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