Harbor Goup Sells $25M MD Community

Annen Woods in Pikesville, Md.

Following the acquisition of a 280-unit Boston-area residential property last month, Harbor Group Management has sold Annen Woods, a 131-unit community in Pikesville, Md., to Peak Management LLC, an affiliate of Hill Management Services Inc. The garden-style asset traded for $24.5 million.

The property is located at 1 Harness Court, on the northwestern outskirts of Baltimore, adjacent to interstates 695 and 795. The closest retail options are situated within a two-mile radius of the community, including the Festival at Woodholme shopping center and a Target.

Varied amenities

Annen Woods features one-, two- and three-bedroom apartments across 11 three-story buildings. Unit sizes range between 1,036 and 1,407 square feet. Interior finishes include granite countertops in kitchens, wide-plank wood flooring and brushed-nickel light fixtures. Apartments also feature in-home washer and dryers, private balconies and patios. The site offers common-area amenities, such as:

• community center
• swimming pool
• sundeck
• tennis court
• fitness center
• dog park

Peak Management is planning to complete interior upgrades in roughly 90 units, following a 40-apartment renovation program under the previous ownership. The forthcoming remodeling project also includes improvements to the leasing office and gym, along with the addition of low-flow plumbing fixtures in all living units to reduce water consumption.

“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,” said Teresa Rosier, vice president of Peak Management, in prepared remarks.

Image courtesy of Yardi Matrix