Peak Management LLC, an affiliate company of Hill Management Services Inc., announced Wednesday it acquired Ruxton Towers Apartments, a multifamily community of 144 high-rise apartment units in Towson, for $35.6 million.
Located at 8415 Bellona Lane and consisting of one-, two- and three-bedroom apartment units, Ruxton Towers Apartments was about 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 Windsor Mill 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 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.
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 health care providers. More than 270,000 vehicles pass Ruxton Towers Apartments on a daily basis via I-695.
The former owner concluded a comprehensive energy efficiency upgrade to the building in 2018 using grants provided by the Maryland Energy Administration and Baltimore Gas and Electric Co. 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 about $1,446 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.