Baltimore, MD – Harbor Stone Advisors has orchestrated the sale of Midwood Apartments, a 28-unit garden apartment community in Northeast Baltimore. The asset sold via an all cash transaction for $2,800,000 ($100,000/unit) and boasts average monthly rents of $1,159. Harbor Stone Advisors President, Justin Verner, Director, Brooks Healy, Senior Advisor, Tom Wohlgemuth, and Advisor, Kevin Landolphi served as exclusive advisors to the seller, HD Multifamily.
The 1.51-acre property consists of 28 spacious two-bedroom, one-bathroom apartments. Typical apartment finishes include black appliances, wood cabinets, formica countertops, and a combination of carpet, tile, and LVP flooring. Residents benefit from several on-site amenities including free public WiFi, a dedicated laundry room, and a surface parking lot with 22 spaces. Originally built in 1964, the property underwent a comprehensive gut renovation and interior unit improvements in 2013.
Midwood Apartments presents significant value-add potential through strategic interior upgrades and operational improvements. A proposed renovation scope including granite countertops, white cabinets, and LVP flooring throughout units is projected to achieve average rent increases of approximately $160 based on comparable properties in the surrounding submarket. Additional income potential exists through strategically increasing the proportion of voucher tenants, which provides guaranteed rental income while supporting higher rental rates. Former ownership has also begun implementing a water reimbursement charge of $49 per month for new tenants, which the new owner can continue rolling out to renewing residents to further enhance income.
Located in Northeast Baltimore City and just south of the Baltimore County line, the property is situated along tree-lined streets in a suburban setting while maintaining convenient access to major regional employment centers and retail destinations. Midwood Apartments is approximately a 10-minute drive to Towson and a 20-minute commute to Downtown Baltimore with close proximity to I-83. The property is near several prominent colleges and universities including Johns Hopkins University, Morgan State University, and Towson University. Major nearby employers include MedStar Good Samaritan Hospital, Greater Baltimore Medical Center, and Stanley Black & Decker.
Verner noted, “Harbor Stone Advisors is pleased to announce the sale of Midwood Apartments in Northeast Baltimore. This was a round trip transaction with HD Multifamily who purchased the deal when we previously sold it in 2018. Our marketing efforts were able to secure an all cash 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