**CAPREIT Acquires Two Apartment Communities in Maryland**
North Bethesda-based CAPREIT, a fully integrated real estate operating company, has announced the acquisition of two apartment communities in Charles County, Maryland. Combined, these communities include a total of 360 residential units.
The communities, known as Palmer Apartments and Smallwood Gardens, are located adjacent to each other just south of St. Charles Parkway in South Waldorf. CAPREIT has committed $5 million toward property upgrades, which will include renovations to building exteriors, common spaces, amenities, landscaping, and various overall community improvements.
“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, consists of 152 one- and two-bedroom units. Smallwood Gardens, located at 2640 Hamilton Place, offers 208 residences across one-, two-, and three-bedroom floor plans. Both properties are situated directly across from the Smallwood Village Center, a 173,000-square-foot retail complex.
This acquisition reflects CAPREIT’s continued strategy to invest in workforce housing within strong regional markets.
