Lakeside Mill is an institutional quality asset that was acquired as part of a 6-property portfolio. By implementing a targeted renovation program that will total nearly $3M, interior renovations as well as accretive common area and amenity upgrades will be completed. Although the previous owner has completed varying scopes of interior renovations in select units, this new program will allow TruAmerica to achieve significant renovation premiums on the units that have not been updated. Given the submarket’s strong demographic profile, this is a property that provides tremendous opportunity to further complete a thoughtful renovation plan.
Lakeside Mill is located in the submarket of Owings Mills of Baltimore County, MD. Within a walkable distance to the 32-acre T. Rowe Price campus, as well as CareFirst BlueCross BlueShield, Lakeside Mill is positioned to attract the 4,200 employees on that office campus. Owings Mills is going through an incredible urbanization, with over $1B of private capital being invested into the transit-oriented area. The investments include a new 50-acre mixed use development by Greenberg Gibbons that is set to come online in the near future, as well as a diverse, live-work-play development by David S Brown Enterprises, planned to deliver 1.2 million SF of office space, 300,000 SF of retail space, 120,000 SF of educational facilities, and 250 hotel keys. Our community will be in prime position to capitalize on this markets transformation.