BALTIMORE–Peak Management, an affiliate of Hill Management Services, has acquired Annen Woods, a 131-unit garden-style residential community
in the Pikesville submarket. The property traded for $24.5 million and was approximately 96% occupied at the time of the purchase.
The seller is an affiliate of Harbor Group International.
Peak Management plans to invest in the Annen Woods community with a series of
property improvements and upgrades including renovating nearly 90 units with stainless steel appliances, granite countertops, Nest light fixtures, new bathroom vanities and countertops and a modernized door package. The previous owner had 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.
The transaction increases the total Peak Management apartment portfolio in the greater Baltimore area to nearly 3000 units.
Located at 1 Harness Court, Annen Woods is less than one mile from Exit 21 of the Baltimore Beltway and Reisterstown Road.
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.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
