Harbor Stone Advisors, a Mid-Atlantic commercial real estate firm specializing in multifamily investment sales, has orchestrated the sale of both Lynch Cove Townhomes and Cedonia Townhomes. Lynch Cove, located in Dundalk, and Cedonia, located in Northeast Baltimore adjacent to the Baltimore County line, represent a combined 53 units with average rents of $1,271. Harbor Stone Advisors President, Justin Verner, Director, Brooks Healy, and Senior Advisor, Tom Wohlgemuth, served as exclusive advisors to the seller.
The properties feature (52) well-maintained 3 Br-1.5 Ba townhomes and (1) single family home. Roughly 60% of the townhomes at Cedonia are located in Baltimore City adjacent to the Baltimore County line, and the remaining townhomes are located in Baltimore County. Each unit at Cedonia features a private rear parking area and typical unit features at both properties consist of white appliances, laminate countertops, wood cabinets, and carpet/vinyl plank flooring.
Opportunity exists for the new owner to organically increase rents in excess of $120 per month at Cedonia at $180 per month at Lynch Cove. Further value-add opportunity exists via expansion upon the interior scopes of all units by adding stainless steel appliances, updated countertops, and modern hardware and fixtures to further generate rental premiums.
Residents of both Lynch Cove and Cedonia Townhomes enjoy proximity to major employers and entertainment centers in Baltimore City, as well as the family-friendly nature of suburban living. Major employers within an easily commutable distance of the properties include Johns Hopkins Medical System, Baltimore Port Authority, and Morgan State University.
Verner noted, “Harbor Stone Advisors is pleased to announce the sale of Lynch Cove and Cedonia Townhomes in Baltimore County. These garden apartment communities were comprised of 53 townhome-style units and had not changed hands since their original ownership in the 1960s. Our team was able to create an extremely competitive market which led to 15 offers coming in over a 3-week marketing period”.
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.
