BALTIMORE, MD - San Francisco-based real estate investment firm Hamilton Zanze announced the purchase of Echelon at Odenton Apartments, their 14th acquisition in the state of Maryland. The firm closed the deal on this Class-A property on June 28, 2022.
The Echelon at Odenton property is a garden-style community built in 2016 on 6.6 acres. The property was 97% occupied at purchase and is comprised of a single-story central clubhouse and two five-story residential buildings. These units range from 759 square feet to 1,456 square feet. The community includes several upscale amenities such as a state-of-the-art theater, barbecue and grilling areas, clubhouse, TV lounge and bar, playground, game room, pool, covered bike storage, and many others. Unit amenities include storage space, in-unit washers/dryer, stainless steel appliances, walk-in closets, loft floorplans, high ceilings, and more.
"We are excited to further expand our presence in Maryland with the purchase of Echelon at Odenton," said David Nelson, Hamilton Zanze's chief investment officer. "The 2016 mid-rise community features best-in-class amenities, a central location near the largest employers in the state of Maryland like Fort Meade, and close proximity to an abundance of retail and entertainment in Downtown Baltimore. This property is in a strong position due to its stable, high-income tenant base employed in essential roles across military and government positions."
The property is located at 315 Nevada Avenue in Odenton, located in the Baltimore Metropolitan Area. Its position within the Baltimore MSA provides easy access to major employment markets and entertainment options. There are 10 Fortune 500 companies based in the Baltimore metro, including McDonalds, DISH Network, Dollar Tree, and International Paper. Odenton is also a top regional destination for locals and tourists, as it offers many unique restaurants, coffee shops, outlets, amusements rides, and events. With this latest acquisition, HZ now owns and operates six properties in the Baltimore market.
HZ's capital improvements will include site and landscaping enhancements, amenity updates, unit maintenance repairs, and sustainability implementation. Management of the property has also been transitioned to HZ affiliate Mission Rock Residential, a Denver-based company.