Harbor Stone Advisors Closes Multifamily Sale in East Baltimore

Harbor Stone Advisors, a Mid-Atlantic commercial real estate firm specializing in multifamily investment sales, closed the sale of Forrest Street Apartments, a stabilized garden asset located at 1100 Orleans St, in East Baltimore City. The property includes 96 units and sold for $8,800,000 at $91,666.67 per unit after 36 days on the market.  

President Justin Verner, director Brooks Healy and senior advisor Tom Wohlgemuth of Harbor Stone represented the seller, Continental Realty and A&R Development. A private New York-based group purchased the property, which is 98% leased. 

Verner said, “Amidst a high interest rate environment and economic uncertainty, we were able capture an incredible amount of buyer interest resulting in nearly 10 offers and 100% of the guidance pricing being achieved. Forrest Street Apartments benefited significantly from being positioned near Johns Hopkins Hospital and the PSO Transformation zone.”