Ingleside Ridge
Deal Type: Acquisition
Risk Profiles: Value-Add
Property Types: Multifamily
1625-1631 Ingleside Ave. | Woodlawn, MD 21207
Opportunity to Acquire a Renovated 40-Unit Garden Apartment Community in Baltimore County
Harbor Stone Advisors is pleased to present the opportunity to acquire Ingleside Ridge, a mid-sized garden apartment community located in the Woodlawn area of Baltimore County, Maryland. This prime location offers residents unparalleled connectivity throughout the dynamic Washington, D.C.-Maryland-Virginia (DMV) metropolitan area, with convenient access to I-70. Furthermore, Ingleside Ridge benefits from its strategic proximity to major employment hubs, being less than a mile from the Social Security Administration headquarters.
The property consists of 40 units with a mix of (16) 1 Br-1 Ba and (24) 2 Br-1 Ba, with many units having private balconies or patios. There is also a laundry facility on-site, a surface parking lot, and an outdoor picnic area. Prior ownership initiated a comprehensive renovation program in 2018, upgrading 75% of the units. This extensive scope included the installation of new appliances, modern cabinets, resurfaced countertops, updated bathrooms, and contemporary plank flooring. Current ownership has skillfully built upon this foundation, further enhancing 20 units with new cabinet and countertop finishes, modernized bathrooms, the installation of LVP flooring throughout, and updated hardware and fixtures, ensuring a premium living environment. Beyond interior unit upgrades, the current owner has proactively addressed critical infrastructure and common areas, completing significant projects such as roof replacements, resurfacing of the parking lots, essential plumbing line work, and aesthetic and functional upgrades to common areas, all contributing to the property’s long-term value and appeal.
Ingleside Ridge presents a compelling opportunity for a new owner to capitalize on existing momentum and unlock significant value. A clear path exists to continue the proven renovation strategy on the remaining 20 units, bringing them to the same high standard as the recently upgraded units and commanding higher rental rates. Furthermore, an immediate and impactful value-add opportunity lies in the ability to install in-unit washer/dryer hookups in the units without, a highly sought-after amenity that will generate additional rental premiums and enhance resident satisfaction. The local market demonstrates strong acceptance for higher-end renovations, with comparable properties in the vicinity currently achieving rental rates at least 10% higher on average than Ingleside Ridge, underscoring the substantial upside potential. Beyond physical improvements, there is an immediate opportunity to optimize utility reimbursements by strategically increasing monthly charges to tenants to more fully cover these expenses.
INVESTMENT HIGHLIGHTS
Opportunity to Acquire a Mid-Sized Garden Asset in Baltimore County
- Features 40 apartments with a unit mix of (16) 1 Br-1 Ba and (24) 2 Br-1 Ba,with many units having private balconies or patios.
- Property has a laundry facility on-site, surface parking lot, and an outdoor picnic area.
- Prior ownership renovated 75% of units in 2018.
- Typical unit features include black/stainless steel appliances, hard surface countertops, wood cabinets, and vinyl/hardwood flooring.
- Current owner has completed many capital improvement projects including roof replacements, resurfacing of the parking lots, plumbing line work, and common area upgrades.
Ability to Increase Rents Via Light Renovation
- Current ownership has expanded on the interior scope of 20 units by refreshing the cabinets and countertops, updating the bathrooms, installing LVP flooring throughout, and updating the existing hardware/fixtures.
- A new owner has the opportunity to continue this renovation on the remaining 20 units.
- There is also an ability to install washer/dryer hook ups in the units without to gain additional rental premiums.
- Typical unit features include black/stainless steel appliances, hard surface countertops, wood cabinets, and vinyl/hardwood flooring.
- There is an immediate opportunity to optimize utility reimbursements by increasing monthly charges to tenants to more fully cover those expenses.
Excellent Location in Woodlawn, MD, Less than a Mile Away from the Social Security Administration HQ
- Suburban community in SW Baltimore County; close to numerous parks and trails
- Property is located minutes from major highways with direct access to Downtown Baltimore.
- Major area colleges/employers nearby: Social Security Administration, University of Maryland, Baltimore County (UMBC), Ascension St. Agnes Hospital, University of Maryland Rehabilitation and Orthopaedic Institute
LOCATION HIGHLIGHTS
Located in Woodlawn, Ingleside Ridge is in Baltimore County just north of Catonsville. Woodlawn is home to the headquarters of the Social Security Administration and the Centers for Medicare and Medicaid Services (CMS).
The property is less than 20 minutes from Downtown Baltimore, with close proximity to I-95 and I-695. Not only close to the city, the property is also surrounded by plentiful parks and greenspace. It is adjeacent to Leakin Park and Gwynns Fall Park. Consisting of over 1000 acres, it is by far Baltimore’s most extensive park, stretching from the western city line along the valley of the Gwynns Falls and its tributaries all the way to Wilkens Avenue.
The property is just five minutes away from the University of Maryland Rehabilitation & Orthopaedic Institute which has been serving the Baltimore community for over 120 years. It is the largest provider of orthopedic surgery, inpatient rehabilitation hospital, and provider of rehabilitation services in the state of Maryland. UM Rehab is now JCAHO and CARF accredited with specialty accreditation in Brain Injury, Spinal Cord Rehabilitation, and Comprehensive Integrated inpatient Rehabilitation Program.
The subject property is located within close proximity to several colleges. University of Maryland, Baltimore County (UMBC) is a 15-minute drive away. Community College of Baltimore County (CCBC) is located 11 minutes away and enrolled 45,118 students during the 2020-2021 academic year at its three locations. CCBC is a top employer, with 4,184 employees. Additionally, 15 minutes away is Ascension St. Agnes Hospital, a teaching hospital which employs over 3,000 people.
ACCESS TO MAJOR EMPLOYERS AND RETAIL
VALUE ADD
Prior ownership renovated 75% of the units at Ingleside Ridge in 2018 with a scope of new appliances, cabinets, resurfaced countertops, updated bathrooms, and plank flooring. Current ownership has expanded on this interior scope in 20 units by refreshing the cabinets and countertops, updating the bathrooms, installing LVP flooring throughout, and updating the existing hardware/fixtures.
The opportunity exists for a new owner to continue this renovation on the remaining 20 units. There is also an ability to install washer/dryer hook ups in the units without to gain additional rental premiums. The market is accepting of higher-end renovations and comparable properties nearby are currently achieving rents at least 10% higher on average than the Subject property.
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