Harbor Stone Advisors has been awarded the assignment to market The Lofts at 344 North Charles, a gut-renovated asset in Downtown Baltimore. Harbor Stone Advisors President, Justin Verner, Director, Brooks Healy, and Senior Advisor, Tom Wohlgemuth, are marketing the property
The Lofts at 344 North Charles, located 344 N Charles St., features (2) Studios, (12) 1 Br-1 Ba w/Loft, (4) 1 Br-1 Ba, and (1) commercial space. The commercial unit is leased through 2027 to a local nonprofit, BeMore Empowered. Current ownership completed a total renovation in 2015 which included apartment renovations, updated plumbing, electric and mechanical systems, replacement of the roof, and updated the common areas.
With minimal deferred maintenance, the opportunity exists for a new owner to organically increase rents, as comparable nearby properties are achieving at least $170 higher than the subject property.
Boasting a walk score of 99 and a transit score of 100, the property is located in the coveted Downtown Baltimore neighborhood. The subject property is ideally located within steps of several major employers and ample public transportation, as well as several retail, dining, and cultural attractions. Of note, the property is within one-half mile of Mercy Medical Center, which hosts over 4,000 daily employees, as well as the newly renovated CFG Bank Arena and Lexington Market. The property is within steps of a LightRail and Baltimore Metro SubwayLink Station, and a 10-minute drive from Baltimore’s historic Penn Station. Penn Station is set to receive $150 million in renovations in the coming years, and offers convenient access to Amtrak trains and the MARC commuter train to Washington, D.C.
About Harbor Stone Advisors
Harbor Stone Advisors specializes in middle-market multifamily investment sales throughout the Mid-Atlantic. Advisory services include value opinions, asset dispositions and marketability analysis for private clients, owners, investors and financial organizations. For additional information, visit: www.harborstoneadvisors.com.
