Property Management Deals
TOWSON, Md., May 17, 2016 – ROSS Companies, a leader in multifamily property management, acquisition and renovation in the Mid-Atlantic region, today announced that it has assumed property management of Towson Woods on behalf of a recent purchaser. Towson Woods is a commuter-friendly apartment community with a prime location 13 miles north of downtown Baltimore.
Marcus & Millichap (NYSE:MMI) today announced its Institutional Property Advisors (IPA) division has arranged the sale of Mohawk Apartments, a six-building, 91,514-net-rentable-square-foot multifamily property in Brooklyn. Purchased for $56.5 million, the sale of the 86-unit property equates to over $657,000 per unit.
Drucker & Falk, one of the country’s oldest and most prestigious property management firms, was awarded management for The Villages at Ellis Crossing Apartments in Research Triangle Park.
Peak Campus, one of the nation’s leading student housing operators, announced today that it was awarded and assumed management for Clover Ridge and Clover Village, two student housing communities totaling 549-beds in South Bend, Indiana. Both properties were acquired by affiliates of Glenmont Capital Management, LLC, a New York-based real estate investment firm, which plans to implement an extensive renovation that includes both interior unit improvements and exterior and common area improvements totaling over $4.1 million.