PCCP, LLC JOINT VENTURE WITH HIRSCHFELD PROPERTIES ACQUIRES 828-UNIT MULTIFAMILY PROPERTY IN TOWSON, MARYLAND; MAJOR VALUE-ADD RENOVATION PLANNED
New York, NY, September 24, 2018 – PCCP, LLC announced today that its joint venture with Hirschfeld Properties has acquired Rosemont Towson, an 828-unit multifamily property consisting of one 15-story tower and 35 three-story garden-style buildings in Towson, MD. The venture plans to immediately embark on a strategic value-add renovation to the asset.
“We are pleased to partner on this acquisition with Hirschfeld Properties, a company that has successfully executed similar value-add renovations on large scale projects in the local area,” said Kevin Chin, senior vice president with PCCP. “This well-located asset is within an area that has a stable employment base and strong demand drivers including medical institutions and universities. We believe that with a major renovation of the asset, it will attract the interest of area residents seeking quality, amenity-rich rental living.”
The venture will launch a comprehensive renovation plan that includes value-add amenity/common area upgrades and fully modernizing interiors. New amenities at the property will include a completely new fitness center, on-demand yoga studio, kids’ club/playroom, pet spa, dog park and playground. Also planned are a poolside beach bar, outdoor lounge and grilling area, new leasing center, and enhancements throughout the pool area, including the addition of a kids’ splash pad.
Built in 1967, Rosemont Towson is situated on just over 37 acres of land at 6920 Donachie Road. The property is a short drive to downtown Towson, which serves as Baltimore County’s seat, and is just 14 miles from downtown Baltimore. The property provides convenient access to major employers throughout the Baltimore metropolitan area via Interstate 695. Locally, Towson is also home to three educational institutions (Towson University, Goucher College, and Morgan State University) that collectively enroll nearly 32,000 students and serve as a key demand generator and employer for the community.
Hirschfeld Properties LLC is a fully diversified real estate developer engaged in the acquisition, development, leasing, management, and ownership of multifamily residential communities throughout the United States. The company currently owns and manages 3,000 multifamily units from Connecticut to Maryland.