Prescott Square Apartments, a 77-unit garden community located in Pikesville, Baltimore County, has recently been sold for $10.1 million. The transaction was facilitated by Justin Verner, Brooks Healy and Tom Wohlgemuth of Harbor Stone Advisors who represented both the seller and buyer – Osprey Property Companies.
The apartments boast spacious 2-bedroom units with patios or balconies as well as ample closet space and parking for up to 125 vehicles. Recent renovations include new roofs, updated entryways and windows.
Despite challenges in the current CRE market, Verner commented that they were able to attract a total of 16 competitive offers due to the desirable suburban location of Pikesville coupled with its potential for value-add opportunities. Ultimately purchased by a local firm utilizing government programs aimed at preserving affordable housing while still meeting the seller’s desired price point.
