Harbor Stone Advisors, a Mid-Atlantic leader in multifamily investment sales, has facilitated the sale of Frederick Manor Apartments, a 32-unit garden apartment complex with value-add opportunity in Southwest 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.
Frederick Manor Apartments, located at 4907 Frederick Ave, Baltimore, MD 21229, features (32) 2 Br-1 Ba apartments with expansive floorplans. Typical unit features consist of white appliances, wood cabinets, formica countertops, and carpet/vinyl flooring. There is surface parking on-site and balconies for units on the second and third floors.
Verner noted, “We were excited to represent a national special servicer in the disposition of this distressed asset. Our marketing efforts garnered 11 offers. The ability to create significant value via renovating and potentially adding units, while looking towards permanent financing at a lower rate in the future, were significant drivers of this transaction.”
Frederick Manor is located in Southwest Baltimore, just east of Catonsville within the suburban neighborhood of Beechville. Just a 12-minute drive to Downtown Baltimore, and 2 minutes from the Baltimore County Line with close proximity to I-95 and I-695. The subject property is located within close proximity to several community colleges. University of Maryland, Baltimore County (UMBC) is a 7-minute drive and as of Fall 2020, enrolls 13,497 students. It has 61 undergraduate majors and over 92 graduate programs. Community College of Baltimore County (CCBC) is located 10 minutes away and enrolled a collective 45,118 students during the 2020-2021 academic year at its three locations. CCBC is a top employer, with 4,184 employees. Additionally, Ascension St. Agnes Hospital, a teaching hospital with 254 beds, employs 3,267. UMBC employs 564 full-time faculty and 355 part-time faculty. An 8-minute drive to Westview Mall, featuring a Lowe’s Home Improvement, Sam’s Club, and Marshall’s. An equidistant 5-minute drive between two different Giant grocery stores. Located down the street from the quaint shops and cafes of Catonsville on Frederick Avenue.
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
