Harbor Stone Advisors facilitates the sale of 21 apartments in Lexington Park

Lexington Park, MD- Harbor Stone Advisors, a Mid-Atlantic leader in the sale of multi-family investments, has facilitated the sale of its 30th transaction in 2022, Crossroads Apartments, 21 apartments located in Lexington Park, MD.

The asset sold for $2,660,000 and had an average rent of $1,178 at the time of sale. Harbor Stone Advisors President Justin Verner, Director Brooks Healy and Senior Advisor Tom Wohlgemuth served as exclusive advisors to the seller, FDR Holdings LLC, and the buyer’s supply.

Built in 2009, the property has 21 apartments with a mix of (5) 1 Br-1 Ba and (16) 2 Br-1 Ba units. Property amenities include an on-site rental office, surface parking, picnic/BBQ area, bike rack and dog walking area. At the time of sale, more than half of the tenant base (59%) of Crossroads Apartments was subsidized, providing certainty of rental income.

Healy said: “We have received incredible interest in this opportunity. The lack of mid-market multifamily inventory in St. Marys County and the age of construction were the main factors for which seven offers were received during a 30-day marketing period. Our team can navigate a rising interest rate environment and still achieve a top-of-the-market sell price for an asset like this.

Crossroads Apartments are located in Lexington Park, St. Marys County, Maryland. Walking distance to an abundance of retail outlets including Weis Markets, Big Lots, Walgreens, CVS, an AMC movie theater and numerous fast food restaurants. Short drive to Dick’s Sporting Goods, Kohl’s, Marshall’s and Home Goods.

Lexington Park’s largest employer is Naval Air Station Patuxent River, with over 25,000 employees. Home to one-of-a-kind research, development, test and evaluation facilities across a variety of disciplines, NASPAX attracts diverse and highly skilled people, as well as more than 200 aviation, unmanned systems and space companies advanced manufacturing that work with them.

NASPAX is only 3 miles from the subject property. California-Lexington Park has nearly a quarter of its workforce employed in STEM fields and, according to Forbes, has become the city with the largest share of high-tech jobs in its local economy in the country. Just a 10 minute drive to St. Marys College of Maryland, rated one of the top 5 public liberal arts colleges in the nation by US News & World Report.