BALTIMORE, MD - A joint venture between San Francisco-based real estate investment firm Hamilton Zanze and a subsidiary of Cantor Fitzgerald announced the sale of The Quarters at Towson Town Center in the desirable Towson/Hunt Valley submarket of Baltimore, Maryland. The firms purchased the property in 2018 and the sale closed on November 10, 2021. The Newmark team of Christine Espenshade and Robert Garrish represented sellers at acquisition and disposition.
During their ownership, Hamilton Zanze completed numerous exterior improvements and landscaping improvements, and renovated 100 units with new countertops, appliances, and hardware to improve leasing efforts and increase rental rates.
"Since purchasing the property in August 2018 we implemented proactive asset management and completed value-add renovations, which kept occupancy above 94%, even throughout 2020, and ultimately positioned the property for a profitable exit for investors," said Anthony Ly, director of dispositions at Hamilton Zanze.
"The profitable sale of The Quarters at Towson Center was a direct result of understanding the property's location, situated in the heart of the growing Towson market, and capitalizing on increased demand for institutional-quality multifamily assets," said Chris Milner, Head of Cantor Fitzgerald Investment Management.
The Quarters at Towson Town Center was built in 2009 and is located at 900 and 960 Southerly Road in Towson. The property comprises 430 one-, two-, and three-bedroom units averaging 1,111 square feet. The community has a resort-style pool and spa, two fitness centers, two club rooms, private courtyards with barbecues, business center, and garage parking.
The Quarters at Towson Town Center is in the Towson/Hunt Valley submarket of the Baltimore metro area. The community is in Central Townson near two highways providing access to local and regional areas of interest in and around Baltimore. The Towson Town Center, one of the largest indoor shopping malls in the state, is adjacent to the property. Baltimore is Maryland's second-largest job center and the largest U.S. seaport in the Mid-Atlantic. The city is home to Johns Hopkins University and Johns Hopkins Hospital, two of the metro's largest employers.