Harbor Stone Advisors, a Mid-Atlantic leader in multifamily investment sales, has arranged the sale of Forest Hill Apartments, a 30-unit mid-rise multifamily asset with significant value-add ability in Northwest Baltimore. Harbor Stone Advisors President, Justin Verner, Director, Brooks Healy, and Senior Advisor Tom Wohlgemuth served as exclusive advisor to the seller, as well as sourcing the buyer.
Forest Hill Apartments, located at 3631 Liberty Heights Ave | Baltimore, MD 21215, features 30 units with a mix of (23) 1 Br-1 Ba, (7) 2 Br-1 Ba, and 8 garages on-site. Typical unit features consist of white appliances, wood cabinets, hard surface countertops, and hardwood, tile, and laminate flooring. Roughly half of the units have been extensively rehabbed which includes new electric and plumbing, updated kitchen and baths, and new flooring.
Verner noted, “We continue to see heavy value add deals transact with the expectation of permanent financing upon stabilization at lower rates than today’s pricing. With 23 tours and 7 offers, our team was able to create a very competitive market and select a buyer that was able to close in a very dynamic environment.”
Forest Hill is located within the tree-lined, mostly residential Forest Park neighborhood of Northwest Baltimore. The subject property is situated on the commercial corridor of Liberty Heights Avenue. Short walking distance to a 67,000 square foot ShopRite, a Walgreens, Rite-Aid, BP, and KFC. Minutes to Forest Park Golf Course, Druid Hill Park, the Maryland Zoo, and Mondawmin Mall. Mondawmin Mall consists of 700,00 SF of retail and features a Shopper’s, Planet Fitness, and 117 other stores. Major employers of the area include the Social Security Administration, which employs 1,600 people at its Baltimore office, University of Maryland Rehabilitation and Orthopedic Institute, Coppin State University, and Baltimore City Community College. A 14-minute drive to Downtown Baltimore. Convenient access to public transportation: directly across the street from the nearest city bus stop and one mile to the nearest Metro stop. Close proximity to I-695, I-70 and I-83.
About Harbor Stone Advisors:
Harbor Stone Advisors specialize 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.
