Sale Cloth Factory Apartments Sell for $16 Million
Delancy Street Capital ended its decade-long hold on the 107-unit Sale Cloth Factory Apartments in Baltimore, MD. Harbor Stone Advisors President Justin Verner, Director Brooks Healy, Senior Advisor Tom Wohlgemuth and Advisor Kevin Landolphi served as the seller’s advisors in the $16 million sale.
The multifamily property is at 121 S. Freemont Ave., adjacent to the University of Maryland and the University of Maryland Medical Center and two miles from downtown Baltimore. Once a late-19th-century sail cloth manufacturing plant, the building was converted to apartments in the mid-1980s.
“Our marketing efforts yielded nearly ten offers, and the deal ultimately traded to an out-of-market buyer, making their first acquisition in the Baltimore area,” said Verner in a release from Harbor Stone Advisors announcing the sale.
The asset offers a mix of studios and one- and two-bedroom units. Additional amenities include a 2,000-square-foot rooftop deck, fitness center, dog park, package locker system, bike storage, business center and a parking garage with 24-hour valet service.
Delancy Street Capital acquired the asset in 2014 for $12.9 million. During its ownership, the seller upgraded the units by adding stainless steel appliances, dark wood cabinets, granite countertops, carpet/plank flooring, and in-unit washers/dryers.
The release explained that the property’s upside includes rent increases through targeted renovations, as area rents average approximately $200 higher. Upgrades could consist of flooring and finish updates, as well as a complete renovation of the six remaining units. Furnished units, refreshed common hallways, and a dedicated property website could provide additional income growth, according to the release.
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout