CBRE Global Investors Fund Buys Two Class A Apartment Communities in Towson
- Aug 03, 2012
CBRE Global Investors recently announced it has purchased two mid-rise apartment communities in Towson, Maryland. The acquisition totals 430 units and was made on behalf of the CBRE Strategic Partners U.S fund series.
The two class A properties are the Renaissance at the Quarter and Jazz at The Quarter. They are located at 900 and 960 Southerly Road, near the newly renovated Towson Town Center regional mall and the Towson University and Goucher College. Both properties have good access to the Baltimore Beltway (I-695), downtown Baltimore and suburban employment centers.
Renaissance at The Quarter features 150 units with large floor plans and condominium-quality finishes such as 42-inch maple cabinets, ceramic flooring and granite countertops. The community boasts its own movie theater and separate club lounge as well as several outdoor courtyards. Jazz at The Quarter has 280 units with one-, two- and three-bedroom floor plans. Amenities include a 24-hour fitness center, business center with free Wi-Fi access, and the community’s refreshing pool, complete with an outdoor grilling area.
The properties are among the newest apartment communities in the submarket. They are about 85 percent occupied. Other amenities include concierge services, on-site management, storage space, on-site maintenance, sundeck, elevators, controlled access and a pilates/yoga studio. Cats and dogs are allowed although there are some restrictions. CBRE plans to rebrand the Renaissance and the Jazz, and combine them to form a single community rebranded as The Quarters at Town Center.
“With our strength of ownership, capital infusion to enhance the marketability of these properties, and aggressive management, we believe we can reposition the asset into a premier community in the submarket,” Steve Gullo, senior director of CBRE Global Investors’ Multi-Housing Group, said in a press statement.
“Towson is a supply-constrained micro-market as only five properties including Renaissance and Jazz have been built since 2000, and limited deliveries are expected through 2015,” said Steve Zaleski, managing director of CBRE Global Investors’ Multi-Housing Group. “We see significant upside potential as the submarket experiences continued growth.”
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. CBRE employs approximately 34,000 people in more than 300 offices worldwide.
Image of the Renaissance at The Quarter courtesy of www.liveatthequarter.org/.