ROSS Nabs 254-Unit Community in Maryland
- Jun 08, 2016
Laurel, Md.—Ross Cos. is expanding its Mid-Atlantic portfolio with its acquisition of Horizon Square, a 254-unit, transit-friendly apartment community in Anne Arundel County, specifically in Laurel, Md.
The multifamily company is taking the acquisition one step further with its plans to implement improvements to the two, six-story buildings, including building interiors and amenities. The community offers one-, two- and three-bedroom units, with more than half of the demand being for one-bedroom apartments. Community amenities include a fitness room, club room, swimming pool and playground.
ROSS Cos. will also implement a digital marketing strategy, hoping Horizon Square will meet the demand for quality workforce housing in Laurel, which is about midway between the major hubs of Baltimore and Washington, D.C.
“With Baltimore 20 miles to the northeast and Washington, D.C., 20 miles to the southwest, the value of Horizon Square’s location speaks for itself,” said Scott Ross, president of ROSS Development & Investment, an affiliate of ROSS Cos. “We believe our upgrades to technology-enabled services and to the community itself will make Horizon Square a key location for those who commute to either city, as well as those who are rooted in the Laurel area. We’re excited to get started and to create sustainable value.”
Planned upgrades include: updating the hallways with new carpet and paint, as well as an LED lighting retrofit; new glass storefronts at all entries; new windows; and to subdivide excess land for further development. On the digital marketing side, ROSS Cos. will manage the property’s online presence and increase advertising efforts. The company will also improve property operations through implementing technology-enabled services such as online and mobile rent payment, service requests and account management.
Horizon Square is located on Ft. Meade Road, minutes from Towne Center at Laurel, an emerging mixed-use development. The community is also one mile away from Russet, a planned community with several national service retailers, and five miles away from Fort George G. Meade, Maryland’s largest employer.
In terms of transit options, Horizon Square is 1.5 miles from the Baltimore-Washington Parkway, 3.5 miles from I-95, and 1.5 miles from the Laurel MARC Station, a historical rail station.