Peak Management, a White Marsh-based affiliate of Hill Management Services Inc., has added to its apartment portfolio with the purchase of Annen Woods in Pikesville for $24.5 million.
The acquisition, from Harbor Group Management, brings Peak’s total units to nearly 3,000 in the greater Baltimore region.
The garden apartment complex, near the Baltimore Beltway and Reisterstown Road, are nearly leased and Peak plans to continue a program of upgrades to appliances, countertops and common areas including the gym.
Peak officials cited the location near the beltway and not far from downtown Baltimore as adding to the complex’s appeal.
Average rents are a bit above the $1,312 per month average for Pikesville, according to the information services firm CoStar, which reports a low vacancy rate for the general area.