Peak Management Pays $36M for Suburban Baltimore Apartments

1 min read

The seller renovated the 1968-built community in 2018. The buyer plans to further upgrade the 144-unit, mixed-use asset.

Ruxton Towers Apartments. Image courtesy of Peak Management

Peak Management has acquired Ruxton Towers Apartments, a 144-unit mixed-use high-rise property near Baltimore, for $35.6 million. The seller was Whiting-Turner, according to Yardi Matrix. CBRE represented both parties.

The 10-story Ruxton Towers building is located on 5 acres at 8415 Bellona Lane in Towson, Md. Floorplans consist of one- to three-bedroom units ranging from 700 to 1,135 square feet. The previous owner renovated nearly half the units in 2018, also upgrading the property’s lighting, insulation and water-heating systems. Peak Management plans to implement further improvements to the 1968-built asset.

Resident amenities include a tennis court, swimming pool, gym, business center and dog park. The property also includes 33,000 square feet of ground-floor office space, which was 98 percent leased at the time of the transaction to a mix of health-care providers and attorneys. The multifamily units were 99 percent leased.

Ruxton Towers is 11 miles north of Baltimore and some 2 miles from Towson town center, which offers a variety of shopping and dining options. Several medical centers are also close to the property.

Baltimore’s multifamily market has begun to recover nicely, with rents up 9 percent over the year through June, according to a recent Yardi Matrix report. Although rent growth is expected to moderate significantly by year-end, opportunities remain. In July, Multi-Housing News interviewed two executives with Bozzuto who shared their insights into Baltimore’s changing landscape.

You May Also Like

The latest multifamily news, delivered every morning.


Latest Stories

Like what you're reading? Subscribe for free.