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A 67-unit apartment building on the 300 block of East North Avenue has sold for $2.75M to Herbert Kerschbaumer of Real Estate Investment Services.
The new owner plans to refurbish the apartments with new paint, kitchens, floors and HVAC, spending $500k on the renovations, the Baltimore Sun reports. Kerschbaumer bought the property from an affiliate of New York's Stabilis Fund.
He told the Sun that the renovated units will serve low- to moderate-income residents, with rents between $850 and $950/month. The units currently start at $650 and house eight families.
The apartments include one- and two-bedroom units with 60 off-street parking spaces, according to a release from SVN Realsite, which brokered the deal. McAllister Park is set behind the building, which houses a three-story atrium lobby. [Sun]
