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.
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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.
