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Harbor Stone Advisors Facilitates $11M Sale of 1946-Built Catonsville Multifamily
Harbor Stone Advisors has completed the $11.3-million sale of Ivy Crossing, a 99-unit garden apartment community located in Catonsville, MD.
Justin Verner, Tom Wohlgemuth and Brooks Healy represented the seller, Annapolis, MD-based Severn Companies, and sourced the New York-based purchaser.
Ivy Crossing, located at 128 Nunnery Lane in Catonsville, MD, consists of 99 one- and two-bedroom units and has an average rent of $1,072 per unit. The 1946-constructed asset has retained some original features such as large windows and hardwood floors.
“Suburban, value-add garden apartment communities continue to be heavily sought after by investors,” said Verner. “We were pleased to have successfully executed this sale at the contract price, while overcoming a dynamic interest rate environment and economic turbulence.”
The property is within short driving distance to multiple colleges, a half mile from a UMBC shuttle stop and a 12-minute drive to Downtown Baltimore.
- ◦Sale/Acquisition
