Affiliates of Hirschfeld Properties and PCCP have acquired the Rosemont Towson apartment complex in Towson, Maryland, for $134.5m. The duo paid just under $162,440 per unit for the 828-key apartment complex. The property features a 16-story mid-rise tower surrounded by 36 three-story garden buildings. TH Real Estate, an affiliate of TIAA, provided debt financing in the amount of $110m, which was arranged jointly by the New York City and Washington, DC, offices of CBRE Capital Markets. The buyers are planning to renovate the asset. New amenities will include a fitness center, an on-demand yoga studio, a poolside beach bar, an outdoor lounge and grilling area. The CBRE Capital Markets Institutional Investment Group of Baltimore represented the seller, Investcorp. With the completion of this sale, Hirschfeld Properties currently owns and manages 3,000 multifamily units from Connecticut to Maryland.
