Peak Management Adds to Maryland Apartment Portfolio With $38M Acquisition
Peak Management has acquired Windsor Commons Apartments, a 189-unit garden-style apartment community in Milford Mill, Md., for $38.25 million.
Peak Management is an affiliate company of Timonium, Md.-based Hill Management Services. The seller, The Kamson Corporation, originally acquired Windsor Commons three years ago for $27.5 million.
“We believe in the long-term strength and outlook of the Baltimore County market and in Windsor Commons, [so] we have acquired among the most strategically-located, aesthetically-pleasing and highest performing multifamily communities in this region,” Teresa Rosier, Peak Management’s vice president, told Commercial Observer.
Located at 2800 Ashfield Drive in Baltimore County, the property consists of 14 three-story buildings with units of anywhere from 751 to 1,256 square feet.
Peak Management is planning a long-term property improvement and upgrade package which will consist of installing granite countertops, adding stainless-steel appliances, and retrofitting all hardware with a modern design package, according to Rosier, It will also upgrade the landscaping.
Peak Management is well familiar with the area, owning and managing both the nearby Rolling Park Apartments at 8331 Mindale Circle and Tuscany Woods Apartments at 7106 Rolling Bend Road. Overall, the company owns more than 3,000 apartment homes in the greater Baltimore metropolitan region.
“Windsor Commons adds to the critical mass of assets we have assembled in the west Baltimore County region and, based on the growing demographics, diversity of employers and high barriers to entry for new product, we believe this represents a property with excellent long-term investment opportunities,” Rosier said.
“The rising costs of single-family homes is placing increased pressure on the availability of apartment homes, escalating rental fees and increasing the value of existing apartment communities. Our team continues to search for emerging acquisition opportunities and we intend to remain aggressive in our search of assets that match our exacting criteria.”
Rent Café lists the average apartment rent in the area at approximately $1,313.00 per month.
The apartment community is near Rolling Road, Interstates 695 and 795, and close to the Social Security Administration’s headquarters, the Baltimore office of the Federal Bureau of Investigation and the Centers for Medicare & Medicaid Services. It’s also within minutes of the Security Square Mall, multiple big-box retailers and numerous dining options.
At the time of the sale, Windsor Commons Apartments was approximately 99 percent leased. CBRE represented both sides in the deal.