Harbor Stone Advisors Facilitates Sale of Liberty Square Apartments
Baltimore, MD – Harbor Stone Advisors, a Mid-Atlantic commercial real estate firm specializing in multifamily investment sales, has orchestrated the sale of Liberty Square Apartments. The property includes 32 apartment units in Station North, just two blocks from Penn Station with an average rent of $1,125. Harbor Stone Advisors President Justin Verner, Director Brooks Healy, and Senior Advisor Tom Wohlgemuth served as exclusive advisors to to both the buyer and seller, Liberty Group Holdings.
Liberty Square Apartments is comprised of (6) studios, and (26) 1 Br-1 Ba units. Typical units feature washer and dryers, central HVAC, updated kitchens, updated bathrooms, vinyl hardwood floors, stainless steel appliances, dish washers, and hardwood floors. Clear ability to raise rents 10%+ and higher if units are further improved.
Verner noted, “We continue to see debt assumptions drive transactions in the current marketplace. Our team facilitated this deal with a buyer seeking additional scale in Midtown Baltimore. The buyer will implement a value-add program and take advantage of the proximity to Penn Station, which is undergoing a substantial renovation project.”
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.
###