BALTIMORE, MD – A joint venture between San Francisco-based real estate investment firm Hamilton Zanze and a Cantor Fitzgerald subsidiary announced the sale of The Quarters at Towson Town Center in the coveted Towson / Hunt Valley submarket of Baltimore, Maryland. The companies bought the property in 2018 and the sale was completed on November 10, 2021. Christine Espenshade and Robert Garrish's Newmark team represented the sellers in the acquisition and sale.
During their tenure, Hamilton Zanze made numerous exterior 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 have implemented proactive asset management and completed value-adding renovations that kept occupancy above 94% in 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 the Towson Center was a direct result of understanding the location of the property, which is at the heart of the growing Towson market, and the increased demand for institutional grade apartment buildings," said Chris Milner, Head of Cantor Fitzgerald Investment Management.
Quarters at Towson Town Center was built in 2009 and is located at 900 and 960 Southerly Roads 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 grills, a business center, and a garage.
Quarters at Towson Town Center is located in the Towson / Hunt Valley submarket of the Baltimore subway area. The community is located in Central Townson near two highways that provide access to local and regional areas of interest in and around Baltimore. 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 US seaport in the Central Atlantic. The city is home to Johns Hopkins University and Johns Hopkins Hospital, two of the subway's largest employers.