A joint venture of affiliates of Hirschfeld Properties LLC and PCCP, acquired Rosemont Towson, an 828-unit multifamily community located in Towson, Maryland, 14 miles from downtown Baltimore
The community consists of a 16-story mid-rise tower surrounded by 36 three-story garden buildings. The buyers plan an extensive renovation, rebranding and re-positioning of the property.
Jeffrey Hirschfeld, chairman and CEO of Hirschfeld, said Hirschfeld Management has assumed stewardship of the property and will lead the planned renovations, together with Hirschfeld Building Construction Company.
New amenities a will include a fitness center, yoga studio,playroom, pet spa, dog park and playground. Also planned are a poolside beach bar, outdoor lounge and grilling area.
TH Real Estate, an affiliate of TIAA, provided $110 million debt financing, which was arranged jointly by the New York City and Washington D.C. offices of CBRE Capital Markets. CBRE Capital Markets Institutional Investment Group of Baltimore, led by Bill Roohan and Brian Margerum, represented the seller in the transaction.
Hirschfeld Properties owns and manages 3,000 multifamily units from Connecticut to Maryland. The company is currently expanding acquisition and multifamily redevelopment in the Eastern United States.