NY-Based Investor Buys Towson Apartment Complex, Plans Major Renovation
Towson's appeal as a multifamily market continues to grow, and the value-add multifamily sector remains among the hottest commercial property types.
New York-based Hirschfeld Properties has acquired Rosemont Towson, an 828-unit multifamily complex at 6920 Donachie Road, as part of a joint venture with PCCP. Though the sale price was not disclosed, TH Real Estate provided a $110M acquisition loan to the JV, which was arranged by a CBRE Capital Markets team.
A separate CBRE team also represented the seller, the identity of whom was also not disclosed. Rosemont consists of a 16-story apartment tower surrounded by 36 three-story garden apartment buildings. Hirschfeld's management arm, Hirschfeld Management, has already taken over the operation of the development, and its construction affiliate Hirschfield Building Construction Co. will undertake the renovation.
In addition to upgrades to all of the units, Hirschfeld will be adding an entirely new suite of amenities, including a fitness center, yoga studio, pet spa, dog park, outdoor grilling station, indoor kids playroom and outdoor playground. A beach bar will also be added to the pool area, which will be upgraded with a kids' splash pad.
The acquisition, Hirschfeld's fifth in the Baltimore area, fits solidly within the most popular version of value-add multifamily investment that capital markets are seeking in suburban markets. Baltimore County, and Towson in particular, are growing in reputation as mixed-use communities.
