Westminster, MD – Harbor Stone Advisors has been awarded the assignment to market Abbey Place, a newly-constructed luxury multifamily asset in Westminster, Maryland. Harbor Stone Advisors President, Justin Verner, Director, Brooks Healy, Senior Advisor, Tom Wohlgemuth, and Advisor, Kevin Landolphi are marketing the property.
The property, located at 41 Wttr Ln., features a mix of (12) one bedroom units, (16) two bedroom units, and (7) 3 Br-2 Ba units. Completed in 2023, each spacious residence (avg. 1,118 SF) is equipped with modern features such as stainless steel appliances, granite countertops, wood cabinetry, in-unit laundry facilities. Additionally, the property includes amenities such as a fitness center, community room, and a walking path.
The opportunity exists for a new owner to organically increase rents. Additionally, a new owner may enhance the property’s value by introducing new amenities, such as a playground or a dog park.
Abbey Place is centrally located in Westminster, a region with heavily restricted new apartment development, allowing for stable occupancy and rent growth at the property. Additionally, the property has pre-existing debt that can be assumed. The current balance is $7,538,000 with a 5.74% interest rate and maturity of January 2032.
The property is just a five-minute drive from McDaniel College which employs over 800 and hosts over 3,000 students. Additionally, the property is a short drive from both Carroll Hospital and Penguin Random House publishing, two of Carroll County’s largest employers. The vast employment and education opportunities in the area appeal greatly to renters as evident by the fact that over 50% of residents within a mile of the property rent. The property is also within commuting distance of Baltimore City, a metro area that hosts some of the Maryland’s largest employers such as Johns Hopkins Hospital and several major financial institutions.
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