North Bethesda, Maryland-based CAPREIT, a fully integrated real estate operating company, has acquired two apartment communities in Charles County featuring a combined 360 homes.
The workforce-housing communities, Palmer Apartments and Smallwood Gardens, are adjacent to one another, just south of St. Charles Parkway in south Waldorf. CAPREIT has dedicated $5 million toward upgrades, which will include a significant refresh of building exteriors, amenities, common areas, landscaping and additional community enhancements.
“With a large footprint and vast institutional knowledge of the greater Mid-Atlantic market—which is our largest market with multiple regional headquarters—we viewed this as a prime opportunity with an abundance of upside,” said Andrew Kadish, CEO of CAPREIT.
Palmer Apartments, located at 3008 Pilgrims Square, features 152 one- and two-bedroom homes. Smallwood Gardens is located at 2640 Hamilton Place and the two-story community features 208 one-, two- and three-bedroom homes. The properties are across from Smallwood Village Center, a 173,000-square-foot shopping center.
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