BALTIMORE, MD - San Francisco based real estate firm Hamilton Zanze (HZ) partnered with DCA Partners to acquire the 255-unit Residences at Waterstone in Pikesville, Maryland. Cushman & Wakefield represented both buyer and seller on this transaction. This represents HZ's thirteenth acquisition in Maryland.
The property, built in 2002, is just north of Downtown Baltimore, which is situated at the northernmost mouth of the Patapsco River on the Chesapeake Bay.
"We are excited to expand our presence in Maryland with the purchase of Residences at Waterstone in Pikesville, MD," said David Nelson, Hamilton Zanze's Chief Investment Officer. "This unique asset features oversized units, favorable amenities, convenient location to employers, and close proximity to an abundance of retail and entertainment in Downtown Baltimore."
The community is located at 225 Galvariun Court in the desirable Owings Mills/Pikesville/Randallstown submarket, approximately 22-minute drive or 15 miles from Downtown Baltimore. The 255 units average 1,453 square feet with 26 different floor plans. Community amenities include a fitness center, resort-style swimming pool with a sundeck, movie theater, tennis courts and a dog park. Unit amenities include attached garages, stainless steel appliances, granite countertops, hardwood/vinyl flooring, washer/dryer in unit, and private balconies.
HZ's capital improvements will include site improvements, building repairs, amenity improvements, continuing the unit renovation campaign implemented by the seller, and sustainability updates. Management of the property has also been transitioned to HZ affiliate Mission Rock Residential, a Denver-based company.