The R.E.D. Townhome Portfolio

Harbor Stone Advisors is pleased to present The R.E.D. (Rosalind, Elgin, Dolfield) Townhome Portfolio, a value-add investment opportunity located in Northwest Baltimore City. The portfolio features 200 units with a mix of (19) 1 Br-1 Ba apartments, (169) 2 Br-1 Ba townhomes, (11) 3 Br-1 Ba townhomes, and (1) leasing office. Typical unit features consist of white appliances, laminate countertops, wood cabinets, and LVT/vinyl/laminate flooring. All three communities have surface parking lots.
The opportunity exists for a new owner to renovate all of the units in The R.E.D. Townhome Portfolio, with a suggested scope of stainless steel appliances, resurfaced countertops, LVT flooring, and in-unit washer/dryers. The market is accepting of higher-end renovations and comparable properties nearby are currently achieving rents at least $350 higher on average than the Subject property. There is also an ability to organically increase rents without performing renovations. Other value-add opportunities include leasing to more voucher tenants to achieve higher rents and certainty of income, convert the leasing office to a rentable unit, and improve operations via normalizing expenses. In addition to routine unit refreshes upon turn, the current owner also performed electric line upgrades in 26 units at Dolfield Townhomes and installed web-enabled CCTV at Dolfield and Rosalind Townhomes.