CAPREIT has acquired two apartment communities in Waldorf, Maryland, featuring a combined 360 homes.
The workforce-housing communities, the 152-unit Palmer Apartments and 208-unit Smallwood Gardens, are adjacent to one another. The financial aspects of the purchase were not disclosed.
CAPREIT plans to undertake $5 million in capital improvements on the properties, which will include a refresh of building exteriors, amenities, common areas, landscaping and additional community enhancements. Home interior renovations are also planned to help elevate the spaces to modern standards, and CAPREIT plans to implement energy-saving measures that have the potential to reduce utility costs by up to 25%.
“Waldorf is a stable but improving location, and we’re delighted to join the St. Charles neighborhood,” said Stephen Catarinella, chief investment officer for CAPREIT. “We believe that there is significant operational upside with these communities that we can unlock through an infusion of capital improvements and our resident-centric approach to property management.”
Photo: Palmer Apartments, courtesy of Apartment Finders
