Apartments Originally Designed to be Condos Appeal to Renters
- Apr 12, 2012
Pikesville, Md.— KBS Legacy Partners Apartment REIT has acquired a 255-unit apartment complex in Pikesville, Md., that has averaged 35 percent resident turnover, below the industry average of 50 or 60 percent. The property, which is 96 percent leased at acquisition, is the third equity acquisition for the REIT sponsored by kBS Capital Advisors LLC and Legacy Partners Residential LLC. What’s their secret for retaining their residents? A property that was originally designed as condos and offers each resident a townhouse-style apartment.
“Because the property was originally designed as for-sale condominiums, it offers a unique rental living environment with larger units and extraordinary features, such as private garages for each unit and private front door entries, that are seldom offered in traditional apartments, W. Dean Henry, president of Legacy Partners Residential Realty, tells MHN. “This has proven to be very attractive to renters and as a result the property has experienced high-occupancy and low resident turnover, even in the recent economic downturn.”
The property, called The Residence at Waterstone, includes 29 buildings with one-, two- and three-bedroom units. Apartments include washers and dryers, walk-in closets, double vanities and soaking tubs.
Additional amenities include a clubhouse, swimming pool, tennis court, movie theater, fitness center, conference room, cyber café and library. Residents also have access to parking—there are 472 parking spaces, which includes 255 private, attached one and two-car garages.
The Residence at Waterstone is also located in a convenient area, which also appeals to residents. The apartments are located 13 miles northwest of downtown Baltimore.
“The Baltimore MSA is a great location due to its proximity to the Washington, D.C., MSA, which together comprise the fourth largest combined statistical metropolitan area in the nation, characterized by a very highly-educated workforce with relatively higher than average household incomes,” Henry says.