Carriage Court

Posted: 11/9/2021
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About Carriage Court

The Cushman & Wakefield Baltimore Multifamily Advisory Group is pleased to present the exclusive listing of The Carriage Court Apartments, a 71-unit value-add apartment community located in Edgewood, MD. Rental Premiums can be achieved through a strategic enhanced renovation strategy, similar to properties within the competitive set. Overall, this Property presents investors with the rare opportunity to acquire a medium-size value-add apartment community with the ability to increase residential density and significantly raise in-place rents. The Property has not sold since 2006, creating tangible upside for future ownership.

Carriage Court is situated on approximately 9 acres enabling flexibility to increase residential density by splitting existing units, as 59 of the 71 units have a floor plan size of 1,400 square feet or larger, including Eight 4 Bed/3 BA units averaging 1,800 square feet. Based on previously approved plans, the total unit count could increase to as many as 126 units following the reconfiguration plan.

Located along I-95 between Philadelphia and Baltimore, Harford County is home to over 27M SF of industrial space. Notable Employers within a 5-mile radius of the Property include Kohl’s, which is just 1 mile away (1,255 workers) and Amazon (1,000 workers). Home Furnishings Giant Wayfair is set to open a 1.2 million square foot distribution center in nearby Aberdeen in 2022. Aberdeen Proving Ground, the largest employer in The County, employs more than 21,000 employees providing high-paying jobs to residents of Edgewood and surrounding communities with an average annual salary of $81,000. Carriage Court is less than 2.5 miles from Aberdeen Proving Ground’s South Gate.