Harbor Stone Advisors has been awarded the assignment to market Sail Cloth Factory Apartments, a 135-unit landmark building directly adjacent to the University of Maryland Baltimore Graduate School Campus and Medical Center (UMB). Harbor Stone Advisors President, Justin Verner, Director, Brooks Healy, and Senior Advisor, Tom Wohlgemuth, are marketing the property.
Sail Cloth Factory Apartments, located at 121 S Fremont Ave and multiple addresses in the bordering neighborhood, features 107 apartments Downtown and 27 units in the adjacent Ridgely’s Delight community with a unit mix of (3) Studios, (85) 1 Bedrooms, (40) 2 Bedrooms, and (6) 3 Bedrooms, as well as (1) commercial space. The highly amenitized asset includes a 2,000 SF rooftop deck, fitness center, dog park, package locker system, bike storage, business center, and 120 parking spaces – 100 of which are valet spaces located at the on-site garage.
The property includes 101 newly renovated units. Typical features include stainless steel appliances, granite countertops, wood cabinets, LVT flooring in kitchens and bathrooms, and in-unit washer/ dryers. The opportunity exists for a new owner to increase average rents at least $200 by bringing all units to market rates, further updating the previously renovated 101 units at Sail Cloth with LVT flooring throughout and upgraded finishes, and fully renovating the remaining 33 classic units.
Further value-add opportunities include bringing valet parking employees in house or changing the the garage to self-park, as well as incorporating furnished units at higher rents, updating the fitness center, and refreshing common hallways.
The Sail Cloth Factory Apartments are directly adjacent to UMB, a prominent institution made up of over 22,000 employees and students. The asset includes a built-in renter base, as over 40% of current residents walk to work or school next door. Residents also enjoy the excellent walkability of Baltimore’s Downtown, with easy access to community staples such as Camden Yards, M&T Bank Stadium, and the Inner Harbor.
About Harbor Stone Advisors
Harbor Stone Advisors specializes 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
