Harbor Stone Advisors has executed the sale of The Georgian, a historic building featuring 31 apartments and 1 commercial space in Hagerstown, Maryland. Harbor Stone Advisors President, Justin Verner, and Senior Advisor, Brooks Healy, served as exclusive advisor and agent to the seller, Outlier Realty Capital.
The property, located at 52-57 S Potomac St, consists of 31 apartments with a unit mix of (6) Studios and (25) 1 Br-1 Ba, as well as (1) commercial space on the ground floor. The commercial space is leased to The Dog House, a popular Hagerstown-based restaurant that specializes in gourmet hot dogs.
Current ownership completed a renovation of all of the residential units in 2018. Typical apartment unit features consist of black/white/stainless steel appliances, microwaves, wood cabinets, hard surface countertops, and laminate/ceramic tile flooring.
The Georgian is located in Hagerstown, a city in Washington County, situated in western Maryland. Hagerstown is 32 miles to Frederick, 70 miles to Washington D.C., 72 miles to Baltimore and 74 miles to Harrisburg, PA. Conveniently located near Interstates 81 and 70. Major area employers include Meritus Health, Amazon, Fiserv, Citi, and Volvo. Close proximity to 70 acres of land that will be redeveloped into an 825,000 SF Class A spec distribution warehouse. Retail is abundant in Hagerstown. Valley Mall, an indoor mall, features over 100 stores and is anchored by JC Penny, Belk, Dick’s Sporting Goods, and Regal Cinemas. Hagerstown Premium Outlets consists of over 60 outlet stores including Coach, Eddie Bauer, Kate Spade New York, and Under Armour.
About Harbor Stone Advisors:
Harbor Stone Advisors specializes in middle-market multifamily investment sales throughout the Mid-Atlantic. Advisory services include asset dispositions and marketability analysis for private clients, owners, investors and financial organizations. For additional information, visit www.harborstoneadvisors.com.
