The Ruxton Towers Apartments, a familiar sight to drivers heading to Towson on the Baltimore Beltway, has a new owner.
Peak Management LLC of White Marsh, an affiliate of Hill Management Services, this week acquired the 144-unit apartment building for $35.6 million.
Located at 8415 Bellona Lane, the 10-story building was constructed in 1964 on a prominent site where Charles Street meets the Beltway. More than 270,000 vehicles pass it every day on the Beltway.
The building contains 33,000 square feet of commercial space on the ground level as well as one-, two- and three-bedroom apartments on the upper floors. Amenities include a pool and sundeck, fitness center, business center, tennis courts, a dog park and more than 250 parking spaces.
The commercial space is leased to a variety of professional services groups, including attorneys, physical therapists, dentists and other healthcare providers.
The building was 99 percent occupied at the time of the sale. More than half of the apartments were recently renovated, and the new owners plan to add in-unit washers and dryers.
Ruxton Towers is the second recent acquisition for Peak Management, which also bought the Windsor Commons Apartments in Baltimore County for $38.25 million. CBRE represented the buyer and seller in the Ruxton Towers transaction.
“We consider Ruxton Towers Apartments an iconic project in the Baltimore County marketplace given its classic design and outstanding visibility overlooking two major roads,” said Teresa Rosier, Vice President of Peak Management, in a statement. “It represents an excellent addition to our portfolio.”
