Washington DC CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
CAPREIT Acquires Two Apartment Communities in Maryland
North Bethesda, Maryland-based CAPREIT, a fully integrated real estate operating company, has acquired two apartment communities in Charles County featuring a combined 360 homes.
The workforce-housing communities, Palmer Apartments and Smallwood Gardens, are adjacent to one another, just south of St. Charles Parkway in south Waldorf. CAPREIT has dedicated $5 million toward upgrades, which will include a significant refresh of building exteriors, amenities, common areas, landscaping and additional community enhancements.
“With a large footprint and vast institutional knowledge of the greater Mid-Atlantic market—which is our largest market with multiple regional headquarters—we viewed this as a prime opportunity with an abundance of upside,” said Andrew Kadish, CEO of CAPREIT.
Palmer Apartments, located at 3008 Pilgrims Square, features 152 one- and two-bedroom homes. Smallwood Gardens is located at 2640 Hamilton Place and the two-story community features 208 one-, two- and three-bedroom homes. The properties are across from Smallwood Village Center, a 173,000-square-foot shopping center.
