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). The sale consists of two adjacent communities, The Sail Cloth Factory and Ridgely’s Apartments, which can be purchased together or The Sail Cloth Factory separately. Harbor Stone Advisors President, Justin Verner, Director, Brooks Healy, and Senior Advisor, Tom Wohlgemuth, are marketing the property.
The Sail Cloth Factory Apartments, a historic 1986 conversion, features 107 apartments with a mix of (3) Studios, (83) 1 Bedrooms, and (21) 2 Bedrooms. Current ownership renovated 101 units between 2018 and 2020. Typical renovated unit features include stainless steel appliances, dark wood cabinets, granite countertops, carpet/plank flooring, and in-unit washer/dryers. The highly amenitized asset includes a 2,000 SF rooftop deck, fitness center, dog park, package locker system, bike storage, business center, and a parking garage which features 24-hour valet parking.
Ridgely’s Apartments features 28 units with a mix of (2) 1 Bedrooms, (19) 2 Bedrooms, and (6) 3 Bedrooms, as well as (1) commercial space. The commercial space is leased to a beauty salon through February 2027, and typical residential unit features include stainless steel appliances, wood cabinets, formica countertops, carpet/hardwood/ plank/tile flooring, and in-unit washer/dryers. Current ownership renovated 7 units in 2024 at Ridgely’s Apartments with a scope of new white cabinets, granite countertops, updated bathrooms, and LVT flooring.
The opportunity exists for a new owner to add value via a partial renovation, as nearby comparable properties are achieving rents at least $200 higher per unit, per month. The proposed partial renovation consists of updating 101 units at Sail Cloth with LVT flooring and updated finishes, as well as full renovation of 6 units at Sail Cloth and 20 units at Ridgely with a suggested scope of LVT flooring and a kitchen and bath refresh. Additional Value add drivers include incorporating furnished units at higher rents, refreshing common hallways, and creation of a property website
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 40% of residents at The Sail Cloth Factory Apartments are employed by or attend graduate school at this location. Residents also enjoy the excellent walkability to 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.
