Peak Management Buys Apartment Community Near Baltimore for $24.5M

PIKESVILLE, MD. — Peak Management LLC has acquired Annen Woods, a 131-unit apartment community in Pikesville, for $24.5 million. The community is located at 1 Harness Court, roughly 20 miles northwest of Baltimore. Peak Management, an affiliate of Hill Management Services Inc., acquired the asset from Harbor Group Management. Annen Woods includes a mix of one- to three-bedroom units and was 96 percent occupied at the time of sale. Community amenities include a swimming pool with sundeck, lighted tennis court, fitness center and a fenced-in dog park. Peak Management plans to upgrade the community by renovating approximately 90 percent of units with the addition of stainless steel appliances, granite countertops, Nest light fixtures and new bathroom vanities and countertops. In addition, the company will remodel the leasing office and fitness center and install low-flow plumbing fixtures in each unit to reduce water consumption.