Harbor Stone Advisors has facilitated the sale of North Commons, a 16 unit multifamily property located in Station North within Baltimore City. Harbor Stone Advisors President Justin Verner, Director Brooks Healy, Senior Advisor Tom Wohlgemuth, and Advisor Kevin Landolphi served as exclusive advisors to the seller, Aspen Capital, a Portland-based firm.
Located at 1808–1812 and 1816 Saint Paul St., North Commons features a unit mix of (3) Studio units and (13) 1 BR – 1 BA units, with an average rent of $1,054 per unit. Apartments include black or stainless steel appliances, wood cabinets, hard surface countertops, and a combination of LVT and carpet flooring. The property includes 8 off-street parking spaces located behind the building.
The property underwent a full gut renovation in 2012, which included updates to apartment interiors and new electrical and plumbing systems. North Commons is situated just 2 blocks from Penn Station, currently undergoing a $150 million redevelopment. In addition, the property is within walking distance to Johns Hopkins University, MICA, and the University of Baltimore.
The sale represents a compelling value-add opportunity for the buyer, as comparable properties in the immediate area are achieving rents approximately $200 higher per unit. Upside potential includes modest interior upgrades, such as the addition of stainless steel appliances and granite countertops, as well as implementing fees for the highly desirable off-street parking amenity.
Verner noted, “Our team is thrilled to announce the sale of North Commons, a portfolio of 16 units located in Station North. HSA was pleased to represent the Portland-based seller, Aspen Capital, while securing an international buyer looking to expand their holdings in the surrounding area”.
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.
