Baltimore-Area Community Trades for $16M
- Aug 07, 2020
Signature Properties has acquired Liberty West Apartments, a 148-unit community in Windsor Mill, Md., for $16.3 million. Harbor Stone Advisors represented the seller, Thomas Ventures. The brokerage team included President Justin Verner and Senior Advisor Brooks Healy. According to Yardi Matrix, the asset last traded in 2005, when an individual investor paid $8.7 million to Miles Properties for the asset.
Completed in 1970, the property encompasses one- to three-bedroom units ranging from 620 square feet to 1,200 square feet. Approximately half of the apartments have their kitchens and bathrooms updated. Common-area amenities include a swimming pool, fitness center, laundry facilities, business center and playground. The community also features 76 parking spaces.
Located at 3526 Langrehr Road, on 8 acres, the 8-building asset is 1 mile from Interstate 695. The surrounding area has several retail options, such as Walmart and Home Depot. Major employers in the area include Lifebridge Health and Northwest Hospital. Liberty West is 10 miles from downtown Baltimore. The community is also within 12 miles of a 267-unit development in South Baltimore, Md. Wood Partners is developing the project on a former industrial site.