Baltimore, MD – Harbor Stone Advisors has successfully completed the sale of Stricker Towns, an 11-unit townhome community located in Baltimore City that offers a significant value-add opportunity. Harbor Stone Advisors President Justin Verner, Director Brooks Healy, Senior Advisor Tom Wohlgemuth, and Advisor Kevin Landolphi served as exclusive advisors to the seller, a State of Maryland–appointed receiver.
Located at 1301 N Stricker St., the property is comprised of (11) 3 BR – 1 BA townhome-style units. Typical unit features include white appliances, wood cabinetry, formica countertops, and LVT/laminate/carpet flooring. Built in 1990, the property is lead-free and presents a strong foundation for repositioning. The property benefits from a convenient location near major employers, such as Coppin State University, Baltimore City Community College, and the Social Security Administration. Residents have easy access to the CityLink Bus and Metro SubwayLink stations. Several large-scale redevelopment projects are nearby, including the $25 million transformation of The Village at Mondawmin and the $290 million overhaul of Druid Hill Park.
Stricker Towns offers substantial upside through interior renovations and operational improvements. A suggested scope includes black appliances, resurfaced countertops, updated bathrooms, LVT flooring throughout, and the installation of in-unit washer/dryers. Based on comparable renovated assets in the area who have undergone similar renovations, Stricker Towns can achieve rents of at least $1,500 post renovation. The property’s high vacancy also provides the opportunity to lease to Section 8 and voucher tenants, offering both rental premiums and stable cash flow. Harbor Stone Advisors sourced a local buyer, 1301 MCK Bapaz Capital LLC, who plans to significantly renovate the asset and add it to their growing Baltimore portfolio. The sale represents a strategic acquisition with strong potential for rent growth and long-term value creation.
Healy noted, “HSA represented a State of Maryland appointed receiver for the sale of 1301 N Stricker St. We sourced a local buyer who is going to significantly rehab the asset and add on to his existing portfolio in Baltimore”.
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