Peak Management Acquires Towson Apartments for $36M

Peak Management LLC has acquired Ruxton Towers Apartments, a multifamily community comprised of 144 high-rise apartment units in the Towson section of Baltimore County for $35.6 million.

Located at 8415 Bellona Lane and consisting of one, two and, three-bedroom apartment units, Ruxton Towers Apartments was approximately 99% leased at the time of the acquisition. Ruxton Towers also includes 33,000 square feet of commercial office space located on the ground-floor level which is 98% occupied. Amenities include an outdoor swimming pool and sundeck, recently-renovated pool house with a fitness center, resident lounge and business center.

CBRE represented the undisclosed seller as well as Peak Management in the transaction. Peak Management plans to immediately implement a value-add strategy at Ruxton Towers Apartments with the addition of in-unit washing machines and dryers. The current configuration consists of laundry rooms on each floor.