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Go Back ThursdayJanuary 19, 2017 — 11:00am


Substitute Trustees’ Sale: Townhouse Community Consisting of 49 Units Known As Oaktree Townhomes in "Joppa" ** Gross Potential Annual Rent of Approximately $600,000 (Assuming Full Occupancy) **

SOLD for $4,020,000

915-938 Rumsey Place & 300-340 Adair Court, Joppa, MD. 21085


As of  January 4, 2017, 46 of 49 units are leased for a Scheduled Monthly Rent of $47,121.

Click here to download the Confidentiality Agreement in order to receive a copy of the Rent Roll and other Due Diligence materials.

Please email completed Confidentiality Agreement to Paul@alexcooper.com.

A rental unit will be available for inspection begininng at 9:30 am on the date of sale.

Sale to be held on the premises at 915-938 Rumsey Place, Joppa, MD. 21085 

ALL OF THAT property lying and being situated in Harford County, Maryland, and any improvements thereon (collectively, the “Property”), and being more particularly described as follows:

Parcels 1-7

915 Rumsey Place, Condo Unit 915, Joppa, Maryland 21085, Harford County Tax ID No. 01-382756;

917 Rumsey Place, Condo Unit 917, Joppa, Maryland 21085, Harford County Tax ID No. 01-382764;

919 Rumsey Place, Condo Unit 919, Joppa, Maryland 21085, Harford County Tax ID No. 01-382772;

921 Rumsey Place, Condo Unit 921, Joppa, Maryland 21085, Harford County Tax ID No. 01-382780;

923 Rumsey Place, Condo Unit 923, Joppa, Maryland 21085, Harford County Tax ID No. 01-382799;

925 Rumsey Place, Condo Unit 925, Joppa, Maryland 21085, Harford County Tax ID No. 01-382802; and

927 Rumsey Place, Condo Unit 927, Joppa, Maryland 21085, Harford County Tax ID No. 01-382810.

BEING KNOWN AND DESIGNATED as condominium units #915, #917, #919, #921, #923, #925 and #927 (individually the "Unit", collectively the "Units") in Phase 1 of the "OAK TREE CONDOMINIUM" (the "Condominium"), a condominium regime (“Condominium Regime”) established under the provisions of the Maryland Condominium Act, Title 11 of the Real Property Article and established by the operation and effect of the Declaration of Oak Tree Condominium Association, Inc. dated June 22, 2007 by Oak Tree Associates, LLC, a Maryland limited liability company, and recorded June 22, 2007 among the Land Records of Harford County, Maryland in Liber J.J.R. No. 7417, folio 246 et. seq. (“Condominium Declaration”) and By-Laws of Oak Tree Condominium Association, Inc. (which By-Laws are attached to the Declaration as "Exhibit A" and recorded among the Land Records of Harford County, Maryland in Liber J.J.R. No. 7417, folio 286 et. seq.), as amended from time to time (“By-Laws"); and as shown on the Condominium Plats consisting of three (3) sheets entitled "Phase 1, OAK TREE CONDOMINIUM" consisting of three (3) sheets prepared by George William Stephens, Jr. and Associates, Inc., Job No. 10783 dated February 21, 2007 and recorded June 22, 2007 among the Land Records of Harford County, Maryland in Liber J.J.R. No. 16, folios 47, 48 and 49, as amended from time to time (collectively, the "Plats").

SUBJECT TO all rights, easements, restrictions, covenants, reservations, limitations, reverters, charges and provisions contained in the Condominium Declaration, the By-Laws and the Plats, and any utility easements for water, sewers, drains, water pipes, electricity, gas, communication lines, driveway, etc. as described in the Declaration and shown on the Plats.

TOGETHER WITH the undivided percentage interest in the Common Elements of the Condominium (the "Common Elements") and the Limited Common Elements of the Condominium (the "Limited Common Elements") which are appurtenant to the Units under the provisions of the Condominium Declaration.

ALSO TOGETHER WITH an easement depicted as Rumsey Place as shown on the plat entitled "Phase Plat, OAK TREE CONDOMINIUM" consisting of one (1) sheet prepared by George William Stephens, Jr. and Associates, Inc., Job No. 10783 dated February 21, 2007 and recorded June 22, 2007 among the Land Records of Harford County, Maryland in Liber J.J.R. No. 16, folio 46, for access, ingress and egress to and from Hardwick Place.

Parcel 8

928-938 Rumsey Place, Future Phase 2, 0.584 AC +/-, Joppa, Maryland 21085, Harford County Tax ID No. 01-382683 (includes units 928, 930, 932, 934, 936 and 938 Rumsey Place).

BEING KNOWN AND DESIGNATED as Future Phase 2, 0.584 Ac.+/-, as shown on the plat entitled "Phase Plat, OAK TREE CONDOMINIUM" consisting of one (1) sheet prepared by George William Stephens, Jr. and Associates, Inc., Job No. 10783 dated February 21, 2007 and recorded June 22, 2007 among the Land Records of Harford County, Maryland in Liber J.J.R. No. 16, folio 46.          

TOGETHER WITH an easement depicted as Rumsey Place as shown on the plat entitled "Phase Plat, OAK TREE CONDOMINIUM" consisting of one (1) sheet prepared by George William Stephens, Jr. and Associates, Inc., Job No. 10783 dated February 21, 2007 and recorded June 22, 2007 among the Land Records of Harford County, Maryland in Liber J.J.R. No. 16, folio 46, for access, ingress and egress to and from Hardwick Place.

TOGETHER WITH the rights and obligations of the Condominium Developer as contained and described in the Condominium Declaration.

Parcels 9-13

301 Adair Court, Future Phase 3, 1.187 AC +/-, Joppa, Maryland 21085, Harford County Tax ID No. 01-382691 (includes units 301, 303, 305, 307, 309, 311, 313 and 315 Adair Court);

300 Adair Court, Future Phase 4, 2.03 AC +/-, Joppa, Maryland 21085, Harford County Tax ID No. 01-382705 (includes units 300, 302, 304, 306, 308, 310, 312 and 314 Adair Court);

316 Adair Court, Future Phase 5, 0.704 AC +/-, Joppa, Maryland 21085, Harford County Tax ID No. 01-382713 (includes units 316, 318, 320, 322, 324 and 326 Adair Court);

328 Adair Court, Future Phase 6, 0.599 AC +/-, Joppa, Maryland 21085, Harford County Tax ID No. 01-382721 (includes units 328, 330, 332, 334, 336, 338 and 340 Adair Court); and

317 Adair Court, Future Phase 7, 0.768 AC +/-, Joppa, Maryland 21085, Harford County Tax ID No. 01-382748 (includes units 317, 319, 321, 323, 325, 327 and 329 Adair Court).

BEING KNOWN AND DESIGNATED as Future Phase 3, 1.187 Ac. +/-, Future Phase 4, 2.030 Ac. +/-, Future Phase 5, 0.704 Ac. +/-, Future Phase 6, 0.599 Ac +/- and Future Phase 7, 0.768 Ac +/-  all as shown on the plat entitled "Phase Plat, OAK TREE CONDOMINIUM" consisting of one (1) sheet prepared by George William Stephens, Jr. and Associates, Inc., Job No. 10783 dated February 21, 2007 and recorded June 22, 2007 among the Land Records of Harford County, Maryland in Liber J.J.R. No. 16, folio 46.          

TOGETHER WITH an easement depicted as Adair Court as shown on the aforesaid plat and as shown and depicted on the plat entitled "JOPPATOWNE Apartment Site No. 2 Extension Tract No. 8" in the Election District No. 1, Harford County, Maryland which plat is recorded among the aforesaid Land Records as Plat C.R.G. No. 16, folio 79, for access, ingress and egress to and from Averill Road.          

TOGETHER WITH the rights and obligations of the Condominium Developer as contained and described in the Condominium Declaration.

Being the same property as described in deed, dated June 15, 2007, executed and delivered by Nelson M. Polun to Oaktree Associates,  LLC and recorded among the aforesaid Land Records in liber 07447, folio 217.

The Property is generally known as Oaktree Townhomes, 915-938 Rumsey Place & 300-340 Adair Court, Joppa, Maryland 21085.

The Property contains approximately 6.709 +/- acres and is believed to be improved with seven (7) two-story townhouse apartment buildings containing a total of forty-nine townhouse apartment units.  The gross building area and rentable floor area is believed to be approximately 49,392 +/- square feet.  Each townhouse unit is believed to contain approximately 1,008 +/- square feet and is believed to include a living room and kitchen on the first floor, with three (3) bedrooms and one full bath on the second floor.  It is believed that only Phase 1 of the Property (Parcels 1-7 described above) has been subjected to the Condominium Regime subject to all rights, easements, restrictions, covenants, reservations, limitations, reverters, charges and provisions contained in the Condominium Declaration, By-Laws and the Plats.  It is believed that future Phases 2, 3, 4, 5, 6 and 7 have not been annexed to the Condominium Regime.  The Property is believed to be zoned R-4, which is believed to have a designation of residential.   

Summary terms of sale: The Property will be sold as an entirety only.  The Property will not be sold subject to any leases.  A deposit of One Hundred Thousand Dollars ($100,000.00) for the Property, payable in cash, certified check or other form acceptable to the Substitute Trustees, will be required of the purchaser(s) at the time and place of sale. The successful bidder will be required to increase the deposit to ten percent (10%) of the bid amount within five (5) business days of the date of sale by delivering certified funds to the Substitute Trustees in an amount sufficient to bring the total deposit to ten percent (10%) of the bid amount.  The balance of the purchase price shall be due at settlement in cash or by certified check together with interest on the unpaid balance of the purchase price at the rate of seven percent (7%) per annum from the date of sale to and including the date of settlement, which settlement shall occur within twenty (20) days following the final ratification of sale by the Circuit Court for Harford County, Maryland, unless said period is extended by the Substitute Trustees for good cause shown. Time is of the essence.  In the event the beneficiary under the Deed of Trust, or an affiliate thereof, is the successful bidder at the sale, such party will not be required to make a deposit, pay a buyer’s premium or to pay interest on the unpaid purchase money.  Taxes, water and all other municipal charges and liens owed against the Property that are not otherwise extinguished as a matter of law as a result of the foreclosure sale shall be the responsibility of the purchaser and shall be paid by the purchaser at settlement.  At settlement, the purchaser shall provide all additional information and documentation reasonably requested by the Substitute Trustees and/or the Noteholder in order to comply with all applicable anti-money laundering, anti-terrorism or other applicable laws or regulations. The Substitute Trustees reserve the right to reject any and all bids, and to extend the time for settlement, at their discretion. 

The Property will be sold in an “AS IS” condition and without any warranties or representations, either express or implied, as to the nature, condition or description of the improvements.  In addition, the Property will also be sold subject to all existing housing, building and zoning code violations, subject to all critical area and wetland violations, subject to all environmental problems and violations which may exist on or with respect to the Property, and subject to all matters and restrictions of record affecting the same, if any.  The purchaser at the foreclosure sale shall assume the risk of loss for the above-referenced Property immediately after the sale takes place.  It shall be the purchaser’s responsibility to obtain possession of the Property following ratification of the sale by the Circuit Court for Harford County, Maryland and conveyance of the Property by the Substitute Trustees to the purchaser.  The Property will be sold subject to all senior liens and encumbrances that are not extinguished by operation of law or by the foreclosure sale of the Property and subject to all easements, conditions, restrictions, rights of redemption, covenants, such state of facts that an accurate survey or physical inspection of the Property might disclose, and agreements of record affecting the Property.

The purchaser shall pay at settlement all state and local transfer taxes, documentary stamps, recordation taxes and fees, title examination costs, attorneys’ fees, conveyance fees and all other incidental settlement costs.  As indicated above, the purchaser shall settle and comply with the sale terms within twenty (20) days following final ratification of sale by the Circuit Court for Harford County, Maryland, unless said period is extended by the Substitute Trustees for good cause shown.  Time is of the essence.  Settlement shall be held at the offices of Gebhardt & Smith LLP, One South Street, Suite 2200, Baltimore, Maryland 21202. 

In the event the purchaser fails to go to settlement as required, in addition to any other legal or equitable remedies available to the Substitute Trustees, the Substitute Trustees may, subject to further order of the court, resell the Property and retain and apply the aforementioned deposit to any deficiency in the purchase price sustained by the Substitute Trustees and/or the Noteholder, all costs and expenses of both sales, reasonable attorneys' fees, and any other damages sustained by the Substitute Trustees and/or the Noteholder as a result of the Purchaser’s default, including, without limitation, all incidental damages.  In the event a resale of the Property results in a sale in excess of the amount originally bid by the defaulting purchaser, the defaulting purchaser waives any and all claims, rights and interest to any such excess amount and shall not be entitled to any distribution whatsoever from the resale proceeds. The parties’ respective rights and obligations regarding the terms of sale and the conduct of the sale shall be governed by and interpreted according to the laws of the State of Maryland.

If the Substitute Trustees are unable to convey the Property as described above, the purchaser’s sole remedy at law or in equity shall be limited to the refund of the aforementioned deposit, without interest thereon.  Upon refund of the deposit to the purchaser, the sale shall be void and of no effect, and the purchaser shall have no further claim against the Substitute Trustees or the Noteholder.

The information contained herein was obtained from sources deemed to be reliable, but is offered for informational purposes only.  The Auctioneer, the Noteholder and the Substitute Trustees do not make any representations or warranties with respect to the accuracy of this information.

Click Here For The Full Sale Terms In PDF Format


Paul Cooper Auction Agent
410-977-4707
PLEASE NOTE
The information contained herein was obtained from sources deemed reliable, but is offered for informational purposes only. The Auctioneer, the Sellers, and their respective agents and representatives do not make any representations or warranties with respect to the accuracy of the information contained herein. Prospective purchasers are urged to make their own inspection.