Hamilton Zanze has continued its buying streak with the acquisition of two Columbia, Md., apartment communities from AIMCO. The properties are Timbers at Long Reach and Chimneys of Cradlerock. This comes just a few days after the firm announced it’s purchase of a 312-unit community in suburban Atlanta.
The 178-unit Timbers at Long Reach was built in 1979. The community was 98 percent occupied at the time of the acquisition. The 198-unit Chimneys at Cradlerock was also built in 1979, and was 95 percent occupied at time of purchase.
The apartments at both garden-style properties include private balconies and patios, walk-in closets and in-unit washers and dryers, as well as access to on-site package lockers.
Hamilton Zanze has capital improvements planned for both properties that will include exterior enhancements and maintenance, landscaping and apartment renovations. Chimneys of Cradlerock will also benefit from the addition of upgraded community amenities and security systems.
Timbers at Long Reach is located near Interstate 95, providing residents convenient access to a number of area job hubs, including downtown Baltimore and downtown Washington D.C.
Chimneys at Cradlerock is not only located near U.S. 29 (Columbia Pike) and Maryland Route 32 thoroughfare, but offers Washington Metropolitan Area Transit Authority (Metro) rapid transit lines next door to the apartment community.
Columbia is located in Howard County, which has rolled out plans to redevelop the city’s central business district. This includes the addition of 1.4 million square feet of mixed-use development, which is forecasted to add 31,000 new jobs and $6.1 billion in economic activity to the market.