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Bethesda-based Ross Cos has purchased a 254-unit mid-rise apartment complex in Laurel for $32.1M.
Built in 1969, Horizon Square Apartments consists of two six-story buildings with elevators, a swimming pool and a fitness center. Ross purchased the complex from local real estate stalwart the Homer and Martha Gudelsky family, who owned it through an affiliate of Percontee.
The acquisition and upcoming capital improvements were financed with a $26M loan from a national lender and $9M in equity, both brokered by Greysteel Equity Markets.
Ross is planning capital improvements, like replacing hallway carpets and making the buildings more energy efficient. Ross, founded in 1983 by Scott and Beth Ross, owns and manages apartments around the Mid-Atlantic, and plans to subdivide excess land near the complex for future development.
Horizon is at 3563 Fort Meade Road in Laurel, near the NSA's HQ. Learn more about Laurel and the rest of Prince George's County at Bisnow's 6th Annual Future of Prince George's County event on July 19. Register here.
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