Harbor Stone Advisors, a Mid-Atlantic commercial real estate firm specializing in multifamily investment sales, recently closed the sale of Forrest Street Apartments. Located at 1100 Orleans St in East Baltimore City, this stabilized garden asset includes 96 units and sold for $8,800,000 at $91,666.67 per unit after 36 days on the market.
President Justin Verner along with director Brooks Healy and senior advisor Tom Wohlgemuth represented seller Continental Realty and A&R Development while a private New York-based group purchased the property which is 98% leased.
Verner commented that despite high interest rates and economic uncertainty they were able to capture an incredible amount of buyer interest resulting in nearly 10 offers with 100% of guidance pricing achieved due to its proximity to Johns Hopkins Hospital as well as being part of PSO Transformation zone.
