RevereCRE

The Kenary Apartments

Opportunity to Acquire 12 Recently Constructed Units in Fells Point

Deal Type: Acquisition

Risk Profiles: Core

Property Types: Multifamily

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THE

KENARY

1707 Eastern Ave. | Baltimore, MD 21231

ACCESS DATA ROOM

Opportunity to Acquire 12 Recently Constructed Apartments in Fells Point 

1707 Eastern Ave. | Baltimore, MD 21231

 

Harbor Stone Advisors is pleased to present the unique opportunity to acquire The Kenary, a newly built asset located in the Fells Point neighborhood of Baltimore City. The property also provides the opportunity for a ground floor commercial tenant. The Kenary is less than a 5-minute walk away from the main street in Fells Point, which is home to numerous restaurants, bars, and shops.

 

The Kenary features 12 expansive units with a mix of (9) 1 Br-1 Ba, (2) 2 Br-2 Ba and (1) ground floor live/work unit. The property was recently built in 2021. Typical unit features consist of stainless steel appliances, granite countertops, LVT flooring, in-unit washer/dryer, and high-end finishes. Top Floor units have elevated ceilings.

 

The opportunity exists for a new owner to organically increase rents as similar properties nearby are achieving rents at least 15% higher on average. There is also an ability to lease the live/work unit to a long-term commercial tenant.

INVESTMENT HIGHLIGHTS

Unique Opportunity to Acquire a 2021 Constructed Asset in Fells Point
 
• Features 12 expansive units with a mix of (9) 1Br-1 Ba, (2) 2 Br-2 Ba and (1) 2Br-2Ba Live/Work Unit.

• Potential for ground floor Commercial Tenant

• Typical unit features consist of stainless steel appliances, granite countertops, LVT flooring, in-unit washer/dryer, and high-end finishes. Elevated ceilings in the top floor units.
Minimal Deferred Maintenance for a New Owner
 
• Current ownership completed building the property in 2021 which included high end unit finishes.

• New owner can focus on organically increasing rents at least 15%

• Opportunity exists to lease the live/work unit to a long-term commercial tenant
 
Excellent Location in East Baltimore
 
• Ranked a Walker's Paradise by WalkScore; a short walk to a variety of retail and dining options

• Convenient access to Downtown Baltimore, Harbor East, and Canton

• Major area employers nearby: Morgan Stanley, Exelon, the Johns Hopkins Hospital, Kennedy Krieger

• Major area colleges nearby: Johns Hopkins University Schools of Medicine, Nursing, Public Health, and Business

NEIGHBORHOOD SPOTLIGHT: FELLS POINT

The Kenary is located in the Fells Point neighborhood of Baltimore City. Fells Point is a historic waterfront neighborhood established in 1763 known for its myriad of boutiques, restaurants, bars with live music, and quaint cobblestone streets. 

 

Broadway Market, the oldest indoor marketplace in Baltimore, is located in the center of Fell’s Point. This 17,600 SF market, originally built in 1786, received a $3.2M overhaul in 2018. The newly revamped food hall is now home to 8 trendy food vendors, a cocktail bar and a flower shop. The Sagamore Pendry is also located in Fell’s Point, a luxurious boutique hotel co-owned by Sagamore Development and Pendry Hotels, featuring an outdoor pool, courtyards, and fine dining. There is also a farmer’s market held in Broadway Square every Saturday, spring through fall.

The property benefits from close proximity to both I-83 and I-95. The complimentary Charm City circulator has multiple stops in the neighborhood. There is a water taxi stop at Fells Point’s waterfront area, connecting it with the Inner Harbor area and Federal Hill.

 

The top area employer is world-renowned Johns Hopkins Hospital, located 1 mile from the subject property. Kennedy Krieger Institute, an internationally recognized institution dedicated to improving the lives of children and young adults with pediatric developmental disabilities and disorders, is another major employer, employing 2,417 people. Exelon, America’s leading competitive energy provider is also a major employer. Its headquarters are located just 0.7 miles from the subject property, and it employs a total of 5,100 people in Baltimore.

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