Harbor Stone Advisors is pleased to present The Sail Cloth Factory Apartments, a landmark offering located steps away from the University of Maryland, Baltimore and University of Maryland Medical Center (UMMC). Approximately 40% of residents at The Sail Cloth Factory Apartments are employed by or attend graduate school at this location, and 10% are employed by other city universities, primarily Johns Hopkins University. The sale consists of two adjacent communities, The Sail Cloth Factory and Ridgely's Apartments, which can be purchased together or The Sail Cloth Factory separately. 

The Sail Cloth Factory Apartments, a historic 1986 conversion, features 107 apartments with a mix of (3) Studios, (83) 1 Bedrooms, and (21) 2 Bedrooms. Property amenities include a fitness center, valet parking, rooftop deck and lounge, dog park, business center, bike storage, package locker system, and storage lockers. One of the most unique and highly utilized amenities is the 24-hour on-site valet parking which utilizes the on-site garage. Current ownership renovated 101 units between 2018 and 2020. Typical renovated unit features include stainless steel appliances, dark wood cabinets, granite countertops, carpet/plank flooring, and in-unit washer/dryers. The opportunity exists for a new owner to further upgrade these units at Sail Cloth with LVT flooring throughout and upgraded finishes as well as fully renovate 6 unrenovated units at The Sail Cloth Factory. Comparable properties nearby are achieving rents at least $200 higher on average than the Subject property. Other value add opportunities include incorporating furnished units at higher rents, updating the fitness center, refreshing common hallways, new furniture for the rooftop deck, converting one of the storage areas to a pet spa, and significantly reducing parking expenses by bringing the service in house, decreasing valet hours or switching to a self-park model.

Ridgely’s Apartments features 28 units with a mix of (2) 1 Bedrooms, (19) 2 Bedrooms, and (6) 3 Bedrooms, as well as (1) commercial space. The commercial space is leased to a beauty salon through February 2027. Typical residential unit features include stainless steel appliances, wood cabinets, formica countertops, carpet/hardwood/plank/tile flooring, and in-unit washer/dryers. Current ownership renovated 7 units in 2024 at Ridgely’s Apartments with a scope of new white cabinets, granite countertops, updated bathrooms, and LVT flooring. The opportunity exists for a new owner to continue this renovation scope on the remaining 20 residential units. Comparable properties nearby are achieving rents at least $200 higher on average than the Subject property.