BALTIMORE, MD — Peak Management, LLC, an affiliate company of Hill Management Services, Inc., has acquired Windsor Commons Apartments, a residential community consisting of 189 garden-style apartment units in the Windsor Mill section of Baltimore County for $38.25 million. Located at 2800 Ashfield Dr. and consisting of one, two and three-bedroom apartment units, the asset was formerly owned by The Kamson Corporation and approximately 99% leased at the time of the acquisition. Peak Management also owns and manages the Rolling Park and Tuscany Woods Apartment communities in the immediate vicinity.
Windsor Commons Apartments is comprised of 14 three-story garden buildings with units ranging from 751 to 1,256 s/f of space.
The asset is a controlled-access apartment community located within close proximity to Rolling Rd., as well as I-695 and I-795. It contains an outdoor swimming pool and sundeck, community center with a state-of-the-art fitness center, meeting room, and a theatre with stadium style seating, and is configured as a resident and pet-friendly community with walking paths and open spaces. A number of retail amenities can be accessed in minutes including Security Square Mall, multiple big-box retailers and an array of sit-down and fast-casual dining options.
The shopping amenities in Owings Mills and Towson are approximately 10 miles away and downtown Baltimore can be reached in 15 minutes. Significant employment centers in the Security Town Center, Owings Mills Town Center and Towson central business district are also located within close proximity to the multifamily community.
Peak Management plans to invest in the Windsor Commons community with a long-term property improvement and upgrade package which will include the installation of granite countertops; the addition of stainless-steel appliances, luxury vinyl plank flooring and panel doors; and retrofitting all hardware with a modern design package. This program will be on-going as units become vacant and are available for modernization.
According to research from Rent Café, the average apartment rent in the Windsor Mill area is $1,313.00 per month and more than 13,000 households exist. The median household income is approaching $70,000.
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