Harbor Stone Advisors, a Mid-Atlantic commercial real estate firm specializing in multifamily investment sales, has orchestrated the sale of Gwynn Oak Gardens, a gut-renovated multifamily asset in suburban Northwest Baltimore. The property includes 18 units with an average rent of $1,012. Harbor Stone Advisors President, Justin Verner, Director, Brooks Healy, and Senior Advisor, Tom Wohlgemuth, served as exclusive advisors to the seller, Pangea Properties.
Gwynn Oak Gardens consists of 18 units with a mix of (9) 1 Br-1 Ba and (9) 2 Br-1 Ba. Previous ownership completed a gut renovation of the property in 2015 which included apartment renovations. Typical unit features include black appliances, wood cabinets, granite countertops, and tile/wood laminate/carpet flooring. In addition to apartment renovations, previous ownership also replaced the roof, windows, and doors, updated all mechanical systems, refreshed the common area, and updated exterior finishes.
The opportunity exists for the new owner to organically increase rents, as they are currently under market. Comparable properties in the area are achieving rents at least $200 higher on average than the Subject property. Additionally, new ownership can also lease to Section 8 tenants, providing a certainty of rental income.
Healy noted, “The Gwynn Oak Gardens sale represented the fifth transaction our team has sold in NW Baltimore this year. The 18 unit gut renovated asset traded above our guidance pricing and received multiple offers within a 3 week marketing period. The property is poised for management repositioning and minor property improvements to support higher rents.”
About Harbor Stone Advisors
Harbor Stone Advisors specializes in middle-market multifamily investment sales throughout the MidAtlantic. 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.
