Baltimore, MD – Harbor Stone Advisors has orchestrated the sale of The Imperial at Conkling, a 27- unit luxury apartment complex in the Highlandtown neighborhood of Baltimore City. The asset sold for $4,320,000 ($160,000/unit) and boasts average rents of $1,481. Harbor Stone Advisors President, Justin Verner, Director, Brooks Healy, Senior Advisor, Tom Wohlgemuth, and Advisor, Kevin Landolphi served as exclusive Advisors to the seller, Aspen Capital.
The Imperial at Conkling, located at 201 S Conkling St., features a mix of (1) Studio, (21) 1 Br-1 Ba, and (5) 2 Br-2 Ba layouts. Typical unit features consist of stainless steel appliances, granite countertops, hardwood/ceramic tile flooring, in-unit washer/dryers, and high-end finishes. The property also features private gated parking, a media club room, a pet washing station, and controlled access. Once a schoolhouse, prior ownership completed a total renovation of the property in 2017, which included conversion to apartments as well as updates to all mechanical systems.
The opportunity exists for the new owner to focus on organic rent growth, as nearby comparables are achieving rents at least 20% higher on average.
Boasting a walk score of 96, the property is located less than one mile from the waterfront and some of the best retail, dining, and nightlife the city has to offer, including Mobtown Brewing, Canton Crossing Shopping Center, and O’Donnell Square. Residents are also within a 5-minute drive of some of the city’s largest employers, such as Johns Hopkins Bayview Medical Center, the Kennedy Krieger Institute, and Johns Hopkins Carey School of Business.
Verner noted, “We are thrilled to announce the sale of Imperial at Conkling, a 27 unit gut-renovated asset located in East Baltimore City. Our team was pleased to represent the Portland based seller, Aspen Capital, on another successful transaction”.
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