Baltimore, MD – Harbor Stone Advisors is pleased to present the opportunity to acquire University Place, a renovated, 31-unit multifamily asset with two commercial spaces located just two blocks from the University of Maryland, Baltimore (UMB) and the University of Maryland Medical Center (UMMC). Harbor Stone Advisors President, Justin Verner, Director, Brooks Healy, Senior Advisor, Tom Wohlgemuth, and Advisor, Kevin Landolphi, are marketing the property.
University Place features 31 apartments, consisting of (12) Studios, (7) 1 Br-1 Ba, (11) 2 Br-1 Ba, and (1) 3 Br-1 Ba, in addition to (2) commercial spaces. Current ownership completed a comprehensive renovation of all residential units in 2022, and typical unit features consist of stainless steel appliance packages, granite countertops, wood cabinets, hardwood/vinyl flooring, and in-unit washer/dryers.
The opportunity allows a new owner to focus on organic rent growth, benefitting from the property’s recent renovation. Comparable properties in the surrounding area are currently achieving rents approximately 10% higher on average.
University Place benefits from its strategic location in Downtown Baltimore, just steps from the University of Maryland, Baltimore (12,000+ employees and students) and University of Maryland Medical Center (10,000+ employees), two major drivers of employment, education, and residential demand in the surrounding area. The property is also conveniently located near the Baltimore VA Medical Center (2,000+ employees), and the University of Maryland BioPark (1,000+ employees).Additionally, residents enjoy access to Downtown Baltimore’s dining, entertainment, and cultural attractions, as well as convenient connectivity to public transit and major through ways, including Interstates 95 and 395.
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