Baltimore, MD – Harbor Stone Advisors has executed the sale of Maine Apartments, an eight-unit multifamily property located in Northwest Baltimore City. Harbor Stone Advisors, President Justin Verner, Director Brooks Healy, Senior Advisor Tom Wohlgemuth, and Advisor Kevin Landolphi, served as exclusive advisors to the seller.
Originally constructed in 1966, the property consists of eight spacious units with a unit mix of (6) 1 BR-1 BA units and (2) 2 BR-1 BA. The asset is currently 100% occupied. The property was substantially renovated between 2020 and 2021, with all but two units receiving upgrades including new appliances, updated cabinets /countertops, refreshed bathrooms, and vinyl flooring. Typical unit finishes include black/white/stainless steel appliances, wood cabinetry, marble/formica countertops, and vinyl/hardwood/tile/carpet flooring.
The new owner has the opportunity to continue the existing renovation scope on the two remaining classic units, while also organically increasing rents as leases turn. Comparable properties in the area are achieving rents approximately $200 higher on average than the subject property.
Maine Apartments is strategically positioned in Northwest Baltimore City with numerous nearby public transit options, including bus routes and the Metro SubwayLink stop at Mondawmin Mall. The property offers convenient access to Downtown Baltimore, the Inner Harbor, and major highways including I-695, I-70, and I-83. The asset is located near several of Baltimore’s leading employers and academic institutions, including Sinai Hospital, Coppin State University, Baltimore City Community College, Loyola University Maryland, and Johns Hopkins University. Residents also enjoy proximity to amenities, such as Forest Park Golf Course, Maryland Zoo, Pimlico Race Course, and Cylburn Arboretum.
Continued neighborhood redevelopments near Maine Apartments include the $290 million overhaul of Druid Lake in Druid Hill Park and the $25 million redevelopment of The Village at Mondawmin into a 122,000-square-foot community and workforce hub.
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