Peak Management Acquires Ruxton Towers Apartments Near Baltimore for $35.6M
TOWSON, MD. — Peak Management LLC has acquired Ruxton Towers Apartments, a 144-unit multifamily community in Towson, for $35.6 million. The seller was not disclosed. CBRE represented the buyer and seller in the transaction.
Located at 8415 Bellona Lane in Baltimore County, Ruxton Towers features one-, two- and three-bedroom apartments ranging in size from 700 to 1,235 square feet. The property was approximately 99 percent leased at the time of the sale. 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.
Community amenities include a swimming pool and sundeck, recently renovated pool house, fitness center, resident lounge, business center, a new barbecue grilling area, tennis courts, dog park, bike storage facility and full concierge services. The community also includes 235 surface parking spaces and 29 garage spaces.
Built in 1964, Ruxton Towers is a 10-story building and includes 33,000 square feet of commercial office space located on the ground floor. The office space is currently 98 percent leased to professional services groups such as attorneys, physical therapists, dentists and other medical and healthcare providers.
The apartment community is located less than three miles away from major employers including the Greater Baltimore Medical Center, Towson University and St. Joseph Medical Center. Other major businesses are located approximately 10 miles away, including McCormick & Co., the Social Security Administration and T. Rowe Price.
The multifamily community’s former owner finished an energy efficiency upgrade to the building in 2018 using grants provided by the Maryland Energy Administration and BGE. These upgrades included the complete overhaul of the HVAC systems, a lighting system upgrade, the installation of energy-efficient windows, as well as new boilers and chillers to maximize energy efficiency. As the new owners, Peak Management plans to implement a value-add strategy at Ruxton Towers Apartments with the addition of in-unit washing machines and dryers.