Baltimore, MD – Harbor Stone Advisors has been awarded the assignment to market Whitelock Apartments, 20 spacious units in Reservoir Hill with value-add potential. Located proximal to several of the city’s most concentrated revitalization efforts, the property benefits from its location in a rapidly improving corridor between Reservoir Square, an in-progress $170M redevelopment, and Druid Hill Park. Harbor Stone Advisors President, Justin Verner, Director, Brooks Healy, Senior Advisor, Tom Wohlgemuth, Advisor, Kevin Landolphi are marketing the property.
The property, located at 841-847 Whitelock St., consists of 20 spacious apartments with a unit mix of (3) 1 Br-1 Ba, (13) 2 Br-1 Ba, and (4) 2 Br-2 Ba. The property is currently 95% occupied, and typical unit features consist of stainless steel appliances, granite countertops, wood cabinets, tile flooring, and in-unit washer/dryers.
The opportunity exists for a new owner to refresh all of the units with a suggested scope of updated bathrooms and modern hardware/fixtures. Properties of similar vintage in the area that have undergone renovations of a similar scope are achieving rents at least 15% higher on average than the Subject property.
Whitelock Apartments is located in a residential area of Baltimore City across from Druid Hill Park, one of the city’s largest and most historic green spaces that is also home to the Maryland Zoo. The park is set to receive $6M in renovations in the near future, as well as a $290M transformation which is currently in the planning stages. Residents benefit from immediate access to expansive parkland, trails, pools, and recreational amenities, while also being within walking distance of the Penn-North Metro SubwayLink station, providing direct connectivity to Downtown Baltimore and the Johns Hopkins Medical Campus. Additionally, the property is located less than one-half mile from Reservoir Square, an eight-acre, $170M redevelopment along North Avenue. To date, the project has produced over one hundred market-rate townhomes, and will include 20,000+ SF of grocery-anchored retail and 60,000+ SF of office space by late 2027. These investments underscore the scale of public and institutional capital flowing into the immediate area.
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