Peak Management Buys Ruxton Towers Apartments in Baltimore County for $36M
By Keith Loria August 12, 2021 2:51 pm
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Peak Management based in White Marsh, Md., has acquired Ruxton Towers Apartments, a multifamily community comprised of 144 units in the Towson section of Baltimore County, for $35.6 million.
The seller, Ruxton Towers LLC, is associated with the original owner when the property was originally built in 1964.
“It’s in our backyard and complements our residential portfolio,” Teresa Rosier, vice president of Peak Management, told Commercial Observer. “It’s a great opportunity to own a high-rise in a prominent location with excellent visibility. Additionally, the property has been well maintained and is a value-add opportunity.”
Located at 8415 Bellona Lane, the property also includes 33,000 square feet of commercial office space located on the ground-floor level.
The 10-story building offers one-, two- and, three-bedroom units, and was approximately 99 percent leased at the time of the sale.
More than half of the units were recently renovated with stainless-steel appliances, granite countertops and ceramic tile flooring. The former owner also did a comprehensive energy-efficiency upgrade to the building in 2018, which included an overhaul of the HVAC systems, the addition of new lighting and energy-efficient windows, as well as installing new boilers and chillers to maximize energy efficiency.
According to Rosier, Peak Management plans to add in-unit washing machines and dryers, convert units to open concept floor plans, and upgrade exterior hardscaping and landscaping.
Ruxton Towers Apartments is near the Baltimore Beltway and within three miles of the Greater Baltimore Medical Center, Towson University and University of Maryland St. Joseph Medical Center.
Peak Management is familiar with the area, having recently acquired the Windsor Commons Apartments nearby in Windsor Mill for $38.25 million.
CBRE (CBRE) represented both sides in the deal.
According to research from RENTCafé, the average rent in the Towson area is about $1,446 per month, a 4 percent increase over the past year.
Keith Loria can be reached at kloria@commercialobserver.com.
