716 Washington Pl Baltimore, MD 21201

Harbor Stone Advisors is pleased to present the opportunity to acquire the leasehold interest in the Stafford Apartments, a stabilized, predominantly student-occupied apartment asset in Historic Mount Vernon. The property contains (4) studios, (73) 1-bedroom/1-bath units, (17) additional 1-bedroom/1-bath units, and includes (1) unit converted into a leasing office and (1) unit converted into a music room and fitness center. Typical unit features include white appliances, wood cabinets, formica countertops, and carpet/vinyl tile flooring.

Resident amenities include a community center, music practice room, fitness center, and laundry facilities. The Stafford is described as the preferred off-campus student housing facility for the Peabody Institute of the Johns Hopkins University, which is a 3-minute walk from the property.

The current ownership has completed capital improvements including a refresh of hallways, updated the fitness center and music room, and renovated 6 units with stainless steel appliances, white/gray wood cabinets, granite countertops, updated bathrooms, vinyl plank flooring throughout, and modern hardware/fixtures. The opportunity exists for a new owner to continue renovating additional units. The sale is subject to a Ground and Building Lease Agreement between the leaseholder and Johns Hopkins University, under which the leaseholder benefits from 100% of the property’s Net Operating Income. A tax exemption is in place due to student housing status. Pre-existing debt may be assumed, with a stated loan balance of $7,403,076 at 5.08% interest and maturity in 2026.