WALDORF, MD. — North Bethesda, Maryland-based CAPREIT has acquired two properties in Walforf, roughly 30 miles southeast of Washington, D.C. The two communities, Palmer Apartments and Smallwood Gardens, total 360 units.
Located at 3008 Pilgrims Square, Palmer Apartments was originally constructed in 1980 and consists of 152 apartments. Units come in one- and two-bedroom floor plans. Rents start at $1,662 per month for a one-bedroom residence, according to Apartments.com.
Smallwood Gardens, formerly known as Smallwood Gardens at Village Center of St. Charles, is situated at 2640 Hamilton Place. Originally built in 1976, the two-story community offers 208 units in one-, two- and three-bedroom floor plans. Monthly rates begin at $1,529 for a one-bedroom apartment, according to Apartments.com.
Each community features a pool, playground, laundry facility and on-site maintenance. Select apartments feature private patios or balconies.
CAPREIT plans to dedicate $5 million into renovating the community. The new ownership will update building exteriors, amenities, common areas and landscaping. Unit interiors will also be renovated. Additionally, CAPREIT plans to implement energy-saving measures that have the potential to reduce utility costs by up to 25 percent.