Cove Property Management (Cove) and Advantage Properties (Advantage) announced the acquisition of the eaves Rockville, a 210-unit townhome/apartment community in Rockville, adding to their growing portfolio of properties they own and manage in the Baltimore-Washington, DC metro area. The residential complex, which will be renamed Villas at Rockville, represents their largest purchase to-date and the largest equity raise in the company’s history. The principals of each company will own the property in a newly created entity where Cove will provide property management services and Advantage will provide asset management services.
“We are very excited to acquire this institutionally owned and managed asset that we believe represents a fantastic investment opportunity for us and our investors. This property will benefit from our hands-on approach to management where we expect to generate substantial net operating income growth through various strategies including unit upgrades on turnover and strategic common area improvements to the property,” commented Alex Gross, President of Advantage Properties, Inc. Conveniently located near both the Shady Grove and Rockville Metro stations and Rockville Pike, the complex is unique to the market, offering exceptionally large units that average nearly 2,000 square feet of space in a highly sought after, transit-oriented location. Built in 1970, the community is comprised of 2, 3 and 4 bedroom townhomes and 3 bedroom apartments.
Cove and Advantage plan to invest $3.5 million in renovating the units, providing high grade finishes, modern, energy-efficient appliances, updated kitchens and bathroom. This acquisition is the seventh community currently owned by Cove and Advantage and adds to nearly 6,000 units spanning 37 multifamily properties owned/managed by the 2 firms over the past 3 decades.
“The addition of Villas at Rockville to our portfolio enables us to strengthen our offering of residential properties in the Washington, DC metro-area, which is among the most highly-sought after markets in the country.” noted Stephen Margerum, CPM®, Principal of Cove Property Management.
Cove Property Management, headquartered in Annapolis, MD, is an Accredited Management Organization® (AMO®) that provides residential property management services including accounting, human resources, marketing, construction management, asset management, due diligence and consulting. The company’s current portfolio consists of multi-family apartment communities and properties in Baltimore City/County, MD, Anne Arundel County, MD, Prince George’s County, MD, St. Mary’s County, MD and the Washington, DC metro area. Cove’s apartment portfolio includes market rate, affordable, senior, student and fee-managed assets.
Advantage Properties of Bethesda is an entrepreneurial real estate development and asset management company specializing in identifying, acquiring, and overseeing the management of multi-family income producing real estate in the District of Columbia, Maryland and Virginia. Advantage Properties also offers its expertise to other property owners who need help making sure their properties are performing at an optimal level and who need real estate tax advisory services.