Harbor Stone Advisors, a Mid-Atlantic commercial real estate firm specializing in multifamily investment sales, has orchestrated the sale of Cathedral Quarters Apartments and Retail, a mixed-use asset in Mount Vernon. The property includes 9 apartment units with an average rent of $1,105 per month and 2 commercial units. Harbor Stone Advisors President Justin Verner, Director Brooks Healy, and Senior Advisor Tom Wohlgemuth served as exclusive advisors to both the buyer and seller.
Cathedral Quarters, located at 1015-1017 Cathedral St., features 11 total units with a mix of (6) 1 Br-1 Ba, (2) 1 Br-1.5 Ba, (1) 1 Br-2 Ba, and (2) commercial spaces. The property includes 2 parking spaces. The building was constructed in 1900 and former ownership completed a renovation in 2016.
Verner noted, “There remains significant investor appetite for Mount Vernon apartments and this transaction marks the third multifamily deal we have sold in the neighborhood over the past month. The buyer will see to implement a value add plan and stabilize the retails compontent as they continue to expend their holdings in the area.”
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
