Baltimore, MD – Harbor Stone Advisors has orchestrated the sale of O’Donnell Apartments, 13 units in the Canton Neighborhood of Baltimore City. The asset sold for $3,850,000 ($296,154/unit) via debt assumption, and boasts average rents of $2,442. Harbor Stone Advisors President Justin Verner, Director Brooks Healy, Senior Advisor Tom Wohlgemuth, and Advisor Kevin Landolphi served as exclusive advisors to the seller.
O’Donnell Apartments is comprised of 13 expansive residential units with a diverse unit mix of (4) 1 Br-1 Ba, (1) 1 Br-2 Ba, (4) 2 Br-2 Ba, and (4) 3 Br-2 Ba layouts, averaging a generous 1,310 square feet. Originally a manufacturing building, the property was converted to luxury apartments in 2019 through a full gut renovation. Typical unit features include stainless steel appliance packages, quartz countertops, wood cabinetry, hardwood/tile flooring, in-unit washers and dryers, and luxury finishes. The property also includes 12 rentable storage units and minimal deferred maintenance for the new owner.
The opportunity exists for the new owner to increase value through organic rent growth, as nearby comparable properties are achieving rents up to 10% higher. Additional upside exists through enhanced leasing of the storage units or conversion of that space into tenant amenities. The property also includes benefits from a CHAP Tax Credit through the 2028–2029 tax year, offering long-term tax savings.
The property benefits from its location in Canton, which offers an unbeatable mix of waterfront charm and urban vibrancy. Ideally located just steps from O’Donnell Square, the property offers an unmatched lifestyle surrounded by top-tier dining, retail, and recreational amenities. Residents enjoy walkable access to local favorites like Mama’s on the Half Shell, Di Pasquale’s, and Café Dear Leon, along with nearby retail destinations such as The Shops at Canton Crossing, featuring Target, Harris Teeter, ULTA, and more. Just blocks away, Canton Waterfront Park provides scenic walking paths, a fishing pier, and views of Fort McHenry, while Patterson Park offers 15 acres of green space, including athletic fields, a swimming pool, and a dog park. O’Donnell Apartments is also just a short walk from Brewer’s Hill, a thriving hub of over 85 businesses, including breweries, cafes, fitness studios, and popular national retailers. Its location is ideal for professionals, supported by proximity to major employers such as Johns Hopkins Bayview Medical Center, Johns Hopkins Hospital, Amazon, and Under Armour. Additionally, the nearby Johns Hopkins Schools of Medicine, Public Health, Nursing, and Business continue to drive strong and steady rental demand.
Verner noted, “Harbor Stone Advisors is pleased to announce the successful sale of O’Donnell Apartments, a gut-renovated, luxury asset located in one of Baltimore’s premiere neighborhoods. HSA sourced an out of state buyer looking for a legacy holding in a great location. This deal was completed via a life company debt assumption”.
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