Mission Rock Residential Takes on Maryland Apartments
- Jan 06, 2021
Mission Rock Residential is expanding its portfolio with a management contract for a 308-unit Maryland property recently acquired by Hamilton Zanze. Mission Rock will manage The Views at Laurel Lakes Apartment Homes, previously known as The Point, in Laurel, Md.
Hamilton Zanze purchased the property, located midway between Baltimore and Washington, D.C., in November for approximately $66.1 million from Pantzer Properties, according to Yardi Matrix data. Pantzer Properties had owned the 15.6-acre property since December 2010, when it had acquired the asset for $43 million from Equity Residential, Yardi Matrix reported.
The property, which has 13 buildings, was completed in 1988. It was 98 percent occupied at the time of sale. Rents for the one- and two-bedroom apartments range from $1,449 to $2,409 with an average of $1,901, according to Yardi Matrix data. The property offers easy access to I-95 and the Laurel MARC commuter rail station. While residents can commute to either Baltimore or Washington, D.C., the Laurel area also has several major employers including the Fort Meade Army base, National Security Administration and Johns Hopkins’ Applied Physics Laboratory. Laurel has a historic Main Street district with a significant retail presence. Laurel Park, a thoroughbred horse racetrack, is located nearby.
Property amenities include direct access to Laurel Lake, a two-level pool, outdoor grill areas, fitness center and a quiet, park-like setting. Apartment features include washers and dryers, stainless-steel appliances, wood-burning fireplaces, private patios, new cabinets and countertops in bathrooms and kitchens and updated energy-efficient light fixtures.
The new assignment comes soon after Mission Rock also announced a new management contract with Hamilton Zanze for two other new purchases in Maryland—the 176-unit Park at Winterset and 348-unit Arbor Ridge Apartments, both in Owings Mills, Md. Located about 2 miles from each other, the properties had previously operated as The Point at Owings Mills and The Point at Winterset. The town of Owings Mills is located about 25 minutes northeast of Baltimore and about one hour north of Washington, D.C. Among the employers in the area are T. Rowe Price, The Baltimore Life Cos., and Black & Decker. The Baltimore Ravens football team also has its headquarters in the town.
More Hamilton Zanze Deals
Mission Rock, which manages 115 multifamily properties and more than 26,000 residential units across the United States, has other management agreements with Hamilton Zanze. In April, Hamilton Zanze named Mission Rock property manager of Steelyard & Icehouse Apartments, a Class A, 170-unit property it had acquired in downtown St. Louis. The property has 42 loft residences in a converted 1924 ice warehouse called The Icehouse and a five-story, 128-unit apartment community known as The Steelyard.
In January 2020, Hamilton Zanze purchased The Lodge on the Chattahoochee, a 312-unit apartment community in Sandy Springs, Ga., and named Mission Rock to manage the suburban Atlanta asset.