Baltimore County acquisition follows 2018 purchase of nearby 131-unit Annen Woods
Peak Management, LLC, an affiliate company of Hill Management Services, Inc., has acquired Marrion Square Apartments, a residential community consisting of 134 garden-style apartment units in the Pikesville section of Baltimore County for $16.97 million. The asset, consisting of one, two and three-bedroom apartment units and located at 4619 Horizon Circle, was formerly owned by Exchange Building II, Inc. Together with last year’s acquisition of nearby Annen Woods, the Peak Management apartment portfolio in the greater Baltimore metropolitan region now exceeds 3100 units.
Marrion Square Apartments consists of five three-story garden buildings with units ranging from 808 to 1,140 square feet of space. The apartments feature private balconies with picturesque views, fully-equipped eat-in kitchens with gas appliances, wall-to-wall carpeting, and dressing room-sized walk-in closets.
The asset is a controlled-access apartment community located within close proximity to Liberty Road and Milford Mill Road, as well as the intersection of Interstates 695 and 795, and is immediately adjacent to the Northwest Academy of Health Sciences. It contains an outdoor swimming pool and sundeck 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 the Festival at Woodholme shopping center and a Target Store on Reisterstown Road, as well as Security Square Mall and Reisterstown Road Plaza. The shopping amenities in Towson are approximately eleven 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 Marrion Square Apartments.
Peak Management plans to invest in the Marrion Square 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 exterior signage and landscaping.
According to research from Rent Café, the average size of an apartment located in the Pikesville area is 1,076 square feet, with an average rent of $1,389.00 per month. Both figures are approximately 8% higher from those reported last year.
“We perceive Marrion Square Apartments as a high value-add asset and believe it contains the necessary fundamentals, led by a location in an extremely dense section of Baltimore County, to guarantee excellent performance over the long-term,” explained Teresa Rosier, Vice President of Peak Management. “With several other multifamily communities located nearby, this acquisition adds to the critical mass of properties we are creating in the northwest section of Baltimore County and increases the efficiency of our property management team. The vacancy rate in the immediate area remains extremely low and, upon completion of our improvement, we are confident that we can maximize rents for this vintage property.”
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
