Peak management acquired Windsor Commons Apartments, an 189-unit garden-style apartment community in Milford Mill, Md., for $ 38.25 million.
Peak Management is an affiliate of Timonium, Maryland. Hill management services. Seller, The Kamson company, originally acquired Windsor Commons three years ago for $ 27.5 million.
“We believe in the strength and long term prospects of the Baltimore County and Windsor Commons market, [so] we have acquired among the most strategically located, the most aesthetic and the most efficient multi-family communities in this region ”, Therese Rosier, the vice president of Peak Management told Commercial Observer.
Located at 2800 Ashfield Drive in Baltimore County, the property consists of 14 three-story buildings with units ranging from 751 to 1,256 square feet.
Peak Management is planning a long-term property improvement and upgrade package that will include installing granite countertops, adding stainless steel appliances and upgrading all hardware with a modern design package, according to Rosier. , it will also upgrade the landscaping.
Peak Management knows the region well, owning and managing both Rolling Park Apartments at 8331 Circle of Mindale and Tuscany Wood Apartments at 7106 Rolling Turn Road. Overall, the company owns more than 3,000 apartments in the greater Baltimore metropolitan area.
“Windsor Commons adds to the critical mass of assets we have assembled in the western Baltimore County area and, based on growing demographics, diverse employers and high barriers to entry for a new product, we believe this represents a property with excellent investment opportunities, ”said Rosier.
“Rising costs for single-family homes are putting increased pressure on apartment availability, driving up rental costs and increasing the value of existing apartment communities. Our team continues to seek out emerging acquisition opportunities and we intend to remain aggressive in our search for assets that meet our demanding criteria. ”
Coffee for rent lists the average rent for an apartment in the area at around $ 1,313.00 per month.
The apartment community is close to Rolling Road, highways 695 and 795, and close to the Social security administrationheadquarters of, the Baltimore office of Federal Bureau of Investigation and the Medicare and Medicaid Service Centers. It is also a few minutes from the Security Square Shopping Center, several big box retailers and many dining options.
At the time of the sale, Windsor Commons Apartments was approximately 99% leased. CBRE represented both parties in the case.