Harbor Stone Advisors Facilitates Sale of Hendrickson Townhomes, 29 Units in Towson
Towson, MD – Harbor Stone Advisors has orchestrated the sale of Hendrickson Townhomes, a 29 unit townhome community in Baltimore County. With average rents of $1,396, the property sold for $4,305,000 ($148,448/unit). Harbor Stone Advisors President Justin Verner, Director Brooks Healy, Senior Advisor, Tom Wohlgemuth, and Advisor Kevin Landolphi served as exclusive advisors to the seller, Metro Housing Limited Partnership.
Hendrickson Townhomes, located at 281 Hendrickson Ln., features (6) 2 Br-1 Ba apartments, (20) 3 Br-1.5 Ba townhomes, and (3) 4 Br-1.5 Ba townhomes. The property also features an on-site surface parking lot with 48 spaces. Current unit finishes consist of white appliances, wood cabinets, laminate countertops, and carpet/vinyl plank/ceramic tile flooring.
There is substantial opportunity to increase rents via a renovation program within a suggested scope of stainless steel appliances, granite countertops, updated bathrooms, and vinyl plank flooring throughout. The new owner may also evaluate shifting the tenant base to predominantly market and/ or student housing, as well as implementing a water reimbursement program upon renewal.
Healy noted, “Harbor Stone Advisors is pleased to announce the sale of Hendrickson Townhomes in Towson, MD. The 29 unit townhome community was constructed by the Seller in 1982 and has never been sold prior. We received eight offers within a two week marketing period, as buyers were drawn to the county location, expansive unit sizes, and the opportunity to renovate the units and increase rents. HSA represented the seller, Metro Housing Limited Partnership, while sourcing a local buyer that specializes in affordable housing”.
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.
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