Acquisition of garden-style apartment community elevates local portfolio to nearly 3000 units
Peak Management, LLC an affiliate company of Hill Management Services, Inc., has acquired Annen Woods, a residential community consisting of 131 garden-style apartment units in the Pikesville section of Baltimore County for $24.5 million. The asset consists of one, two and three-bedroom apartment units and was approximately 96% occupied at the time of the purchase. The apartment community was purchased from Harbor Group Management and increases the total Peak Management apartment portfolio in the greater Baltimore metropolitan region to nearly 3000 units.
Located at 1 Harness Court, Annen Woods consists of eleven three-story garden buildings with units ranging from 1,036 to 1,407 square feet of space. The interiors contain modern Espresso-finish cabinetry, kitchens with granite countertops and backsplashes, wide-plank wood flooring, and brushed-nickel light fixtures and accessories. Each unit is equipped with an in-home washer and dryer and feature private balconies or patios.
Annen Woods is a controlled-access apartment community located off Hooks Lane and is positioned less than one mile from Exit 21 of the Baltimore Beltway and Reisterstown Road. It contains a community center equipped with an outdoor swimming pool and sundeck, lighted tennis court, fitness center and fenced-in dog park. A number of retail amenities are within two miles from the community including the Festival at Woodholme shopping center featuring Trader Joe’s, as well as a Target Store on Reisterstown Road. The shopping amenities in Towson are approximately nine miles away and downtown Baltimore can be reached in twenty minutes.
Significant employment centers in the Security Town Center, Owings Mills Town Center and Towson central business district are also located within close proximity to Annen Woods.
Peak Management plans to invest in the Annen Woods community with a series of property improvements and upgrades including renovating nearly 90 units with the addition of stainless steel appliances, granite countertops, Nest light fixtures, new bathroom vanities and countertops and a modernized door package. The previous owner initiated a program that improved approximately forty units. Peak Management also intends to remodel the leasing office and gym and outfit every apartment with new low-flow plumbing fixtures to reduce water consumption.
According to research from Rent Café, the average size of an apartment located in the Pikesville area is 1,066 square feet, with an average rent standing at $1,312.00 per month, a figure that is substantially unchanged from the previous year.
“Annen Woods has consistently achieved extremely high occupancy rates, in-part based on its highly-favorable location directly off the Baltimore Beltway, which provides residents easy access to all points throughout the metropolitan region including Baltimore City,” explained Teresa Rosier, Vice President of Peak Management. “The northwest Baltimore County apartment environment remains tight and we believe this asset will continue to appreciate and provide long-term value to the company.”
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 seven self-storage facilities situated throughout the greater Baltimore metropolitan region. The company is an affiliate of Hill Management Services, Inc. Visit www.peakmgt.net.
