Lexington Park, MD – Harbor Stone Advisors has orchestrated the sale of The Apartments of Oxford, 36 units in St. Mary’s County. The asset received six competitive offers and sold for $5,000,000 ($138,888/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, Londontown Development Corporation.
The property, located at 22023-22033 Oxford Ct., features large (36) 2 Br-1.5 Ba units, all of which are 950 SF and include a patio or balcony. Typical unit features include white appliances, formica countertops, wood cabinets, and laminate/carpet/tile flooring. Current ownership has renovated five units with a scope of stainless steel appliances, new cabinets, resurfaced countertops, updated bathrooms, and LVT flooring.
The opportunity exists for the new owner to continue the renovation program on the remaining 31 units and raise rents accordingly. Renovated units at the property are averaging $2,000/mo, which is $316 higher than the average classic unit rent.
Located in Lexington Park, the asset is ideally situated in St. Mary’s County. Multiple major employers exist nearby, including the county’s largest employment center, Naval Air Station Patuxent River (25,000+ employees).
Wohlgemuth noted, “Originally custom-built between the early 1980s and late 1990s, this transaction marked the property’s first-ever sale. Despite vacancy levels nearing 30%, The Apartments of Oxford attracted 11 tours and 6 competitive offers during a focused 30-day marketing period, ultimately closing near $140,000 per unit at a $5 million valuation. The buyer, a local owner-operator, intends to complete light renovations to the units”.
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