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.