Devonshire Apartments 10 Spinners Ct

Harbor Stone Advisors is pleased to present the opportunity to acquire Devonshire Apartments, a stabilized garden asset in Randallstown, MD. The property is located directly next to Northwest Hospital which employs more than 1,500 people. Devonshire Apartments is conveniently located near I-695 and I-795, and there are numerous shopping centers located with a 2 mile radius.
The property features (64) expansive units with a mix of (6) Junior 1 Br-1 Ba, (18) 1 Br-1 Ba, and (40) 2 Br-1.5 Ba. Amenities consist of a swimming pool, community room, surface parking lot, and balconies or patios for every unit. Typical unit features consist of white appliances, formica countertops, wood cabinets, carpet/ceramic tile/LVT flooring, and in-unit washer/dryers. Current ownership has completed numerous capital improvements over the last few years such as interior and exterior electrical upgrades, replacement of the pool filter and pump, and HVAC and hot water heater replacements as needed.
The opportunity exists for a new owner to perform a light renovation on all units, with a suggested scope of stainless steel appliances, granite countertops, and LVT flooring throughout. The market is accepting of higher-end renovations and comparable properties nearby are currently achieving rents at least $300 higher on average than the Subject property. A new owner can also convert the model and employee units to rentable units, implement a water reimbursement program upon renewal and/or new lease, convert the club room to a different amenity space, and add additional amenities such as a dog park or playground.