Redwood Place 207 E Redwood St 130 Unit Apartment Building For Sale Baltimore, MD 21202

Harbor Stone Advisors is pleased to present Redwood Place, a gut-renovated mixed-use asset situated in the vibrant heart of Downtown Baltimore City. This exceptional asset offers a unique blend of modern living and convenient access to the area’s rich historical and cultural attractions. Redwood Place is strategically located in Baltimore’s Business & Government National Historic District, offering residents prime access to the city’s urban core. Beyond its historical charm, it provides unparalleled access to Downtown Baltimore’s diverse amenities, including dining, retail, and nightlife, all within a short stroll. Redwood Place is also just a block and a half away from the Inner Harbor and Harbor Place, which will be undergoing a $900 million redevelopment. The property’s thoughtful renovation blends contemporary sophistication with historic preservation, meeting modern demands while maintaining the area’s unique aesthetic. Redwood Place offers an unparalleled opportunity for an integrated urban experience for residents.
Redwood Place features 130 residential units with a mix of (97) Studios and (33) 1 Br-1 Ba. In addition to the apartments, the property boasts a ground-floor commercial space, currently leased to Kechy Pizza Co. The restaurant, which represents its second Maryland location and a strategic step in its brand expansion, holds a lease agreement extending through December 2033, providing stable commercial income. Redwood Place boasts a fascinating history, having undergone two significant transformations in less than a decade. Originally constructed as an office building, it was completely gutted and meticulously converted into a modern hotel in 2015. In 2024, the current owners completed an extensive renovation, converting the property from a hotel into modern apartments. This recent conversion was executed with meticulous attention to detail, resulting in minimal deferred maintenance, a significant advantage for a new owner. Each apartment boasts luxury finishes, including stainless steel appliances, quartz countertops, soft-close cabinets, hardwood flooring, and in-unit washer/dryers. Residents can also enjoy a variety of building amenities, such as a clubroom, package locker system, pet spa, fitness center, business center, and on-site management.
The opportunity exists for a new owner to organically increase rents as similar properties nearby are achieving rents at least 15% higher on average. There is also a major ability to mark to market the current in-place rents since units were leased below market in order to reach stabilization after the property was renovated. This clear discrepancy indicates a strong potential for a new owner to implement immediate and impactful rent increases, aligning the property’s income with current market standards. Redwood Place is already achieving strong lease trade outs of $100+ than the previous lease up asking rents. Beyond the immediate potential for rent adjustments, several value-add initiatives that can further enhance the property’s appeal such as installing storage lockers on the lower level, updating the fitness center and club room, installing smart home packages in residential units, and adding outdoor seating for Kechy Pizza Co. Furthermore, Redwood Place was awarded a 10 year CHAP Tax Credit that will go into effect in the 2026-2027 tax year, providing future tax savings for a new owner.