BALTIMORE, MD - Real estate investment firm Hamilton Zanze, in partnership with Cantor Fitzgerald, recently acquired The Quarters at Towson Town Center residential community in Towson, Maryland. The purchase price was $100 million.
The 430-unit community was built in 2009 on just under six acres of land and had a 94% occupancy rate as of July. This is HZ’s second acquisition in Maryland, and, along with recent acquisitions in Virginia and Connecticut, signals the company’s strong expansion of investment in the East Coast region.
“The Quarters at Towson Town Center fits our investment criteria perfectly — a large asset above a 5% cap rate in a growing market,” said David Nelson, managing director of acquisitions for Hamilton Zanze. “We look forward to continuing to acquire high-quality real estate at good capitalization rates in the Mid-Atlantic and throughout the country in the second half of the year.”
Ken Carpenter, Managing Director, Cantor Fitzgerald added, “This is our second acquisition with Hamilton Zanze this year. Our combined real estate investing experience creates synergies that support our goal of investing in high quality properties, in strong markets, at favorable cap rates.”
The Quarters at Towson Town Center is located at 960 Southerly Road in Towson, a suburban market just 10 miles north of Downtown Baltimore. The community is designed with a highly urban, walkable approach to align with the greater Towson Town Center’s design. Its 477,939 net rentable square feet comprises one-, two-, and three-bedroom units, with a heavy emphasis on two-bedroom units. Community amenities include a resident clubhouse, fitness center, business center, theatre room, pool, and large outdoor courtyards.
HZ and Cantor Fitzgerald plan to expand The Quarters’ amenity package and will execute improvements on a number of deferred maintenance items, investing in the long-term value of the community. Property management responsibilities will be transitioned to Mission Rock Residential, HZ’s Denver-based affiliate company.
The Quarters is located in the Baltimore metro area, Maryland’s second-largest job center and the largest U.S. seaport in the Mid-Atlantic. Baltimore is closer to the major Midwestern markets than any other major seaport on the East Coast, and more than 60 federal agencies and research labs are located within 30 miles of the city, bringing substantial federal spending and jobs to the area.