Harbor Stone Advisors has been awarded the assignment to market Prescott Square Apartments, a 77-unit garden asset in Pikesville, Maryland. Harbor Stone Advisors President, Justin Verner, Director, Brooks Healy, and Senior Advisor, Tom Wohlgemuth, are marketing the property.
Prescott Square Apartments, located at 4400 Old Court Rd, features 77 2br-2ba units. All units have spacious closets and have a patio or balcony. There is also surface parking with 125 parking spaces. Typical unit features consist of black/stainless steel appliances, laminate countertops, wood cabinets, and vinyl/carpeted flooring. Other capital improvements completed include roof replacements on three buildings, entryway renovations, and new windows and slider doors on most units.
The opportunity exists for a new owner to bring all units to market rates, as current rents are an average of $300 under market based on nearby comparables. There is also potential for a light value add program on all units via refresh of kitchen appliances and flooring. An additional opportunity exists to add washer and dryers to the 65% of units that do not already feature them in order to further drive rents.
Prescott Square is just a five-minute walk away from the Old Court Metro Station via a private walking trail. The station, a stop on the Baltimore Metro SubwayLink Line, provides residents direct access to Baltimore’s Central Business District and Johns Hopkins Hospital. Additionally, the property is located within 20 minutes of some of Baltimore County’s largest employers including Northwest Hospital Center, GBMC Healthcare, Social Security Administration Headquarters, Stanley Black and Decker, Stevenson University, Towson University, and University of Maryland Baltimore County.
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
