MARYLAND MANAGEMENT COMPANY, based in Hanover, Maryland expands its portfolio with the purchase of 104-unit NORTHSPRING APARTMEMTS, located at 1400 Haven Road in Hagerstown, Maryland for $4.2 million. Founded in 1949, Maryland Management owns or manages 40 communities in Maryland, including Hagerstown, Frederick, Howard County, Harford County and Baltimore City. 

Ben Frederick III, CCIM, an apartment property specialist based in Baltimore, brokered the deal. Mr. Frederick, a third-generation Realtor® whose family has been in the real estate business for over 100 years, represented the C.L. Smith family, who has owned the property since 1977. Mr. Frederick said that “despite the property being 50% vacant with much deferred maintenance, we generated multiple offers since apartment properties continue to out-perform other types of real estate.” Another factor, according to Mr. Frederick, is that “Hagerstown, known as “Hub City” at the intersection of I-70 and I-81, is an attractive location and noted as the fastest growing metro area in Maryland.” Hagerstown Metro Area has a population of 269,000. The sellers exchanged into net-leased commercial real estate, offering less intensive management and a more predictable cash flow, which helps as owners and family members mature.

Maryland Management plans a multi-million-dollar renovation to the property, which had deteriorated in condition with 50% of the apartments vacant at the time of the sale. The renovation and repositioning of the community will include renaming the property “Stone Ridge Apartments”.