Palmer Apartments and Smallwood Gardens Add 360 Homes to Growing Portfolio
WALDORF, Md., April 23, 2025 /PRNewswire-PRWeb/ -- North Bethesda, Md.-based CAPREIT (www.capreit.com), a fully integrated real estate operating company responsible for the ownership and management of more than $6 billion of multifamily assets in the U.S., announced today it 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 is set to undertake a series of capital improvements on the properties, designed to elevate them to a premier choice for the discerning modern workforce renter.
"As a leading workforce and affordable housing provider, we are always aiming to grow our portfolio in stable markets," said Andrew Kadish, CEO of CAPREIT. "We're excited to expand to Waldorf with the acquisition of these two communities, which are right in the backyard of our company headquarters. 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. We look forward to getting started on the capital improvement process."
CAPREIT has dedicated $5 million toward upgrades, which will include a significant 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. Additionally, CAPREIT plans to implement energy-saving measures that have the potential to reduce utility costs by up to 25%.
Palmer Apartments, located at 3008 Pilgrims Square, was originally built in 1980 and features 152 one- and two-bedroom homes. Smallwood Gardens (formerly Smallwood Gardens at Village Center of St. Charles) is positioned at 2640 Hamilton Place. Originally built in 1976, the two-story community features 208 one-, two- and three-bedroom homes.
Each property features a swimming pool, playground, laundry facility and onsite maintenance. Apartment interiors include fully equipped kitchens, large walk-in closets, air conditioning and in-home climate control. Select homes feature private patios or balconies.
The properties sit across from Smallwood Village Center, a 173,000 square-foot shopping center, and within walking distance of a stop on the VanGO bus line. The St. Charles neighborhood is located approximately 22 miles south of Washington, D.C., making it a popular option for those who commute to the key employment centers in the city.
"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."
To enhance the resident experience, CAPREIT plans to employ its systematic program of surveying residents at key points within the leasing process to evaluate guest and resident sentiment regarding the property's maintenance, amenities, safety, response time and overall value.
About CAPREIT
As one of the nation's leading housing companies since its inception in 1993, CAPREIT has been involved in more than 200 multifamily communities, representing more than 40,000 rental homes housing more than 100,000 residents. CAPREIT focuses on the implementation of a savvy acquisition strategy, innovative financial structures, and a professional property management style based on resident satisfaction and retention, as well as asset preservation and enhancement. Today, CAPREIT maintains its mission to create value-added growth through strategic acquisitions, continuing to capitalize on multifamily housing opportunities. The company currently owns and/or manages approximately 12,000 apartment units in over 20 U.S. states and is actively seeking to grow its multifamily footprint throughout the continental United States.
Media Contact
Stephen Ursery, CAPREIT, 1 303-682-3945, [email protected], https://www.capreit.com/
SOURCE CAPREIT
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