Community adds to nearby Rolling Park and Tuscany Woods Apartment assets
Peak Management, LLC, an affiliate company of Hill Management Services, Inc., has acquired Windsor Commons Apartments, a residential community consisting of 189 garden-style apartment units in the Windsor Mill section of Baltimore County for $38.25 million. Located at 2800 Ashfield Drive and consisting of one, two and three-bedroom apartment units, the asset was formerly owned by The Kamson Corporation and approximately 99% leased at the time of the acquisition. Peak Management also owns and manages the Rolling Park and Tuscany Woods Apartment communities in the immediate vicinity, as well as more than 3000 apartment homes in the greater Baltimore metropolitan region.
Windsor Commons Apartments is comprised of 14three-story garden buildings with units ranging from 751to 1,256 square feet of space. The apartments feature private balconies with picturesque views of the outside common areas,9-foot ceiling heights, fully-equipped eat-in kitchens with gas appliances, in-unit washer and dryers, and dressing room-sized walk-in closets.
The asset is a controlled-access apartment community located within close proximity to Rolling Road, as well as Interstate 695 and 795, and is immediately adjacent to the headquarters of the Social Security Administration, Baltimore office of the Federal Bureau of Investigation and the Centers for Medicare & Medicaid Services. It contains an outdoor swimming pool and sundeck, community center with a state-of-the-art fitness center, meeting room, and a theatre with stadium style seating, and is configured as a resident and pet-friendly community with walking paths and open spaces. A number of retail amenities can be accessed in minutes including Security Square Mall, multiple big-box retailers and an array of sit-down and fast-casual dining options.
The shopping amenities in Owings Mills and Towson are approximately 10miles away and downtown Baltimore can be reached in 15minutes.Significant employment centers in the Security Town Center, Owings Mills Town Center and Towson central business district are also located within close proximity to the multifamily community.
Peak Management plans to invest in the Windsor Commons community with a long-term property improvement and upgrade package which will include the installation of granite countertops; the addition of stainless-steel appliances, luxury vinyl plank flooring and panel doors; and retrofitting all hardware with a modern design package. This program will be on-going as units become vacant and are available for modernization. Throughout the community, Peak Management also plans to upgrade the landscaping.
According to research from Rent Café, the average apartment rent in the Windsor Mill area is approximately$1,313.00 per month and more than 13,000 households exist. The median household income is approaching $70,000.
“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,” explained Teresa Rosier, Vice President of Peak Management. “We were able to acquire this asset at a competitive price with an attractive cap rate. 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.”
Peak Management LLC is a privately-owned, full-service property management company specializing in the development, construction, ownership and management of multifamily and self-storage properties. Headquartered in White Marsh, Maryland, the portfolio consists of nearly 3000 apartment units and eight self-storage facilities situated throughout the greater Baltimore metropolitan region and Delaware. The company is an affiliate of Hill Management Services, Inc. Visit www.peakmgt.net