Harbor Stone Advisors, a Mid-Atlantic leader in multifamily investment sales, has arranged the sale of Alameda Towns, a 12-unit townhome-style garden community in North Baltimore City. Harbor Stone Advisors President, Justin Verner, Director, Brooks Healy, and Senior Advisor, Tom Wohlgemuth served as exclusive advisor to the seller.
The property, located at 5017-5027 The Alameda, features (12) 2 Br-1 Ba bi-level units. Typical unit features consist of white appliances, formica countertops, wood cabinets, and vinyl flooring. There are also 15 surface parking spaces on-site.
Verner noted, ”Our marketing efforts yielded an incredible response from the market resulting in this deal being under contract at the list price in 11 days. We have seen an uptick in heavy value add deals transacting in what is a pretty volatile investment sales market.”
Alameda Towns is located within the New Northwood neighborhood of Baltimore City, a community that has experienced robust growth in recent years. The property is within minutes of retail and grocery stores, restaurants, and additional services. The apartments are just a few blocks from one of the state’s premier public universities, Morgan State University. Several other top colleges and universities are nearby, including Johns Hopkins University and Loyola University Maryland. The neighborhood has had significant growth recently, exemplified by the recent mixed-use development of Northwood Commons, featuring 100,000 square feet of retail and office. The development completed in early 2022 and features prominent retail tenants like Lidl, Barnes & Noble, Chipotle, and many more. The property is close to other high-end shopping areas, including Belvedere Square, which encompasses more than 110,000 square feet of boutique shops and national retail tenants. There is convenient access to walking and biking trails at Lake Montebello, only a 5-minute drive from the property.
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.
