About The Residences at Waterstone
Cushman & Wakefield's Mid-Atlantic Multifamily Advisory Group is pleased to present The Residences at Waterstone, a rare opportunity to acquire a unique, proven value-add asset in the one of the Baltimore MSA's best suburbs. The Property, built in 2002, is a first-generation value-add investment with functional characteristics similar to newly constructed assets within the Baltimore MSA. The Property presents some of the largest floorplans in the market averaging 1,453 square feet with many featuring individual garages leading into units. The combination of drive-up garages, spacious floorplans, and institutional quality has allowed for rental increases of up to $260 on renovated units with 61% of the units still in Classic condition. Renovated units are upwards of $300+ below the market rents of neighboring competitive properties which can allow for addition rent premiums. Increased tenant demand is creating strong apartment market fundamentals with effective rent growth in the submarket of 12.8% YoY in Q4 2021 and vacancy of just 2.6%. The Property is perfectly positioned to take advantage of these lofty fundamentals and is currently 93% occupied. The Residences at Waterstones top-of-the-line community amenities, dynamic location, below market rents and proven value-add upside presents a rare opportunity to acquire suburban Baltimore's most unique apartment community.