Baltimore, MD – Harbor Stone Advisors has orchestrated the sale of Oak Hill Apartments & Townhomes, 310 units in Northeast Baltimore. Harbor Stone Advisors President, Justin Verner, Director, Brooks Healy, Senior Advisor, Tom Wohlgemuth, and Advisor, Kevin Landolphi served as exclusive advisors to the seller.
The property, located at 2821 Mathews St., features a mix of (19) efficiency, (3) studio, (112) 1 Br-1 Ba, (163) 2 Br-1 Ba Townhome, and (11) 2 Br-1.5 Ba Townhome units, as well as a leasing office and model unit. The property also includes two on-site laundry facilities and surface parking lots.
Former ownership completed numerous capital projects, including the 100% replacement of HVAC systems, windows, and interior lighting, a parking area renovation and appliance replacement upon unit turnover. Typical unit features include white/stainless steel appliances, formica countertops, wood cabinets, and a mix of carpet, tile, and LVP flooring.
The opportunity exists for the new owner to add value via renovation of all units, as the local market is accepting of higher-end renovations.
Verner noted, “Harbor Stone Advisors is pleased to announce the successful sale of Oak Hill Apartments and Townhomes, a 310 unit garden apartment community in the Northeast section of Baltimore. The buyer will seek to implement a programmatic value add strategy moving ahead”.
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