Peak Management has acquired Windsor Commons Apartments, a 189-unit garden-style apartment community in Milford Mill, Md., for $38.25 million.
Peak Management is a subsidiary company of Timonium, Md.-based Hill Management Services. The seller, The Kamson Corporation, basically purchased Windsor Commons 3 years ago for $27.5 million.
Located at 2800 Ashfield Drive in Baltimore County, the estate consists of 14 three-story buildings with units of anywhere from 751 to 1,256 Sq Ft.
Peak Management is preparing a long-term property development and upgrade package which will consist of installing granite countertops, adding stainless-steel appliances, and retrofitting all hardware with a modern design package.
Peak Management is well familiar with the area, owning and managing both the nearby Rolling Park Apartments at 8331 Mindale Circle and Tuscany Woods Apartments at 7106 Rolling Bend Road.
Overall, the company owns more than 3,000 apartment homes in the greater Baltimore metropolitan region.
At the time of the sale, Windsor Commons Apartments were approximately 99% on rent. CBRE represented both sides in the deal.