Acquisition follows recent purchase of Windsor Commons Apartments for $38.25 million

            BALTIMORE, MD (August 10, 2021) – Peak Management, LLC, an affiliate company of Hill Management Services, Inc., has acquired Ruxton Towers Apartments, a multi-family community comprised of 144 high-rise apartment units in the Towson section of Baltimore County for $35.6 million. Located at 8415 Bellona Lane and consisting of one, two and, three-bedroom apartment units, the asset was formerly owned by Nancy Hackerman and is approximately 99% leased at the time of the acquisition. Ruxton Towers also includes 33,000 square feet of commercial office space located on the ground-floor level which is 98% occupied. This acquisition follows the recent purchase of Windsor Commons Apartments in the Windsor Mill section of Baltimore County by Peak Management for $38.25 million. CBRE represented the former owner and Peak Management in this sales transaction.

Built, in 1964, Ruxton Towers Apartments is a 10-story high-rise building overlooking Interstate 695, Bellona Avenue, and Charles Street offering units ranging from 700 to 1,235 square feet of space. More than half of the residential units were recently renovated with stainless-steel appliances, espresso or oak cabinetry, granite countertops, and vinyl or ceramic tile flooring.

            Resident amenities include an outdoor swimming pool and sundeck, recently-renovated pool house with a state-of-the-art fitness center, resident lounge, and business center. The exterior grounds are also outfitted with a new barbecue grilling area, tennis courts, and a dog park. Additional amenities include a bike storage facility and full concierge services. The community also includes 235 surface parking and 29 garage spaces.

            The ground-level commercial office space is currently leased to a number of professional services groups such as attorneys, physical therapists, dentists and other medical and healthcare providers. More than 270,000 vehicles pass Ruxton Towers Apartments on a daily basis via Interstate 695.  

Shopping center venues located within close proximity to Ruxton Towers Apartments include The Shops at Kenilworth, Towson Town Center, Towson Place, Towson Commons and Circle East with numerous grocery store, soft goods, big-box store and restaurant options.

            Major employers situated less than three miles from the multi-family community are highlighted by the Greater Baltimore Medical Center, Towson University and St. Joseph Medical Center. Other major businesses located approximately 10 miles away are McCormick & Company, the Social Security Administration and T. Rowe Price. Numerous additional businesses are positioned in the nearby downtown Towson business district and the Hunt Valley Business Community.

            The former owner concluded a comprehensive energy efficiency upgrade to the building in 2018 using grants provided by the Maryland Energy Administration and BGE. This included the complete overhaul of the HVAC systems, an extensive lighting system upgrade, the installation of energy-efficient windows, as well as new boilers and chillers to maximize energy efficiency.

            Peak Management plans to immediately implement a value-add strategy at Ruxton Towers Apartments with the addition of in-unit washing machines and dryers. The current configuration consists of laundry rooms on each floor.

            According to research from Rent Café, the average apartment rent in the Towson area is approximately $1,446.00 per month, a 4% increase over the past year. Over the next five years, the average household income in Towson is expected to increase from $119,000 to $129,000. 

            “We consider Ruxton Towers Apartment an iconic project in the Baltimore County marketplace given its classic design and outstanding visibility overlooking two major roads,” explained Teresa Rosier, Vice President of Peak Management. “More importantly, the asset contains every important fundamental required to achieve long-term value for the company, led by high-quality residential units and immediate proximity to significant economic drivers. It represents an excellent addition to our portfolio of multi-family communities given its history of nearly 100% occupancy in both the residential and commercial office components. Our team intends to implement new property and asset management protocols designed to further elevate the operational efficiencies of the asset and generate additional value.”  

            Peak Management LLC is a privately-owned, full-service property management company specializing in the development, construction, ownership, and management of multifamily, commercial, and self-storage properties. Headquartered in White Marsh, Maryland, the portfolio consists of nearly 3000 apartment units, 1,500,000 square feet of commercial, and ten self-storage facilities situated throughout the greater Baltimore metropolitan region and Delaware. The company is an affiliate of Hill Management Services, Inc. Visit www.peakmgt.net