huntington downs - jll property downs...jll’s mid-atlantic multifamily group, as exclusive agent,...
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Huntington Downs
Capital MarketsMid-Atlantic Multifamily
9705 Clocktower Lane • Columbia, Maryland172-Unit Value-Add Apartment Community
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The OpportunityJLL’s Mid-Atlantic Multifamily Group, as exclusive agent, is pleased to present Huntington Downs Apartments, a 172-unit garden-style apartment community consisting of eight two- and three-story buildings completed in 1983. Located on over eight acres in the prominent master-planned Columbia, Maryland, the Property is ideally located between Baltimore and Washington, DC and less than 5 minutes from I-95, affording residents access to the region’s largest employment centers and major shopping destinations. The community provides its residents a serene suburban environment, spacious floor plans, in-unit washers and dryers, outstanding community amenities, and proximity to shops, restaurants, and theaters in Columbia Town Center.
Huntington Downs’ excellent location in Columbia and potential for significant premiums achieved through renovations make it an exceptional investment opportunity in the fourth wealthiest county in the nation.
Huntington Downs | Columbia, MD
Unit Mix and Rent Matrix
Unit Type # Units
% Unit Mix
Size (SF)
Avg. Market Rent
Avg. Rent/
SF1 BR / 1 BA 63 37% 781 $1,178 $1.51 2 BR / 1.5 BA 65 38% 1,058 $1,365 $1.29 2 BR / 2 BA 44 26% 1,150 $1,469 $1.28 Total 172 100% 980 $1,323 $1.35
Property Summary
Property Address 9705 Clocktower LaneColumbia, MD 21046
Year Built 1983
Number of Units 172
Number of Stories 2 & 3 stories
Net Rentable Area 174,001 SF
Average Unit Size 980 SF
Dobbin Center
Arundel Mills
Columbia Crossing
Huntington Downs32
1 mile 3 mile
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Huntington Downs | Columbia, MD
Renovated Kitchen
Unrenovated Kitchen
Investment DriversSubstantial Value-Add Potential: With only 20 renovated units, new ownership will have the opportunity to implement an extensive interior modernization program to capitalize on the market’s significant demand for upgraded units. Based on premiums achieved at comparable properties in the area, Huntington Downs will be able to increase rents up to $200 per unit once renovations are complete. Below Market Occupancy: Huntington Downs presents buyers with the opportunity to significantly increase revenue by reducing vacancy loss. Current occupancy at the Property is below market while comparable communities in the area consistently have occupancy rates in the 95%+ range. Additionally, the opportunity exists to improve operational efficiencies through expense reductions related to payroll, marketing, and repairs and maintenance. Immediate Proximity to I-95 & Leading Employment Centers: The Property is situated less than five minutes from I-95, connecting residents to major employment districts throughout the Baltimore- Washington area. Additionally, Fort Meade and Baltimore-Washington International Airport, two of the largest and most vital employers in the region, are located within 10 minutes of Huntington Downs and employ a combined 60,000 workers. No Competition from New Supply: There are currently no projects within a three-mile radius of the Property expected to deliver by year-end 2017. Additionally, only one market-rate community has delivered since 2009 and does not compete with Huntington Downs due to rental spreads of $300 to $600.
Location DriversAttractive Columbia, Maryland Location: Recently named the 6th best place to live in the United States by Money Magazine, Columbia, Maryland has become a highly sought after location due to its regional connectivity, excellent schools, and model master planned community, all of which make it an appealing home to well-educated young professionals, families with children, and residents seeking upscale suburban living with direct access to both Washington, DC and Baltimore. 4th Wealthiest County in the Nation: Howard County is currently the fourth richest county in the nation, with a median household income of $108,234. Additionally, the county boasts the lowest unemployment rate in the state and a strong local office market that comprises over 70 million square feet. Top Ranked Public School System: The Howard County Public School System is currently ranked second in the state of Maryland and consistently ranks in the state’s top three. Furthermore, the school system employs over 8,000 teachers and staff providing extensive demand to the local apartment market. Unmatched Local Retail Amenities: Shopping options are abundant near the community with several big box centers located within two miles of Huntington Downs with retailers such as Best Buy, Target, Home Depot and Wal-Mart. Also located within ten minutes of the Property are the 1.4 million square foot Mall in Columbia and 1.3 million square foot Arundel Mills Mall. Significant Columbia Mixed-Use Development: Columbia is currently experiencing a major wave of new mixed-use development focused on the nearby Columbia Town Center and nearly 13 million square feet of office, retail, and civic space are planned to be constructed over the next few years.
Exterior
Living Area
Although information has been obtained from sources deemed reliable, Owner, Jones Lang LaSalle, and/or their representatives, brokers or agents make no guarantees as to the accuracy of the information contained herein, and offer the Property without express or implied warranties of any kind. The Property may be withdrawn without notice. If the recipient of this information has signed a confidentiality agreement regarding this matter, this information is subject to the terms of that agreement. ©2015. Jones Lang LaSalle. All rights reserved.
Christine EspenshadeExecutive Vice President+1 443 451 2607 [email protected]
Robert GarrishVice President+1 301 564 6628 [email protected]
Erin MillerVice President+1 215 988 5506 [email protected]
Shawn McDonaldExecutive Vice President+1 301 564 6620 [email protected]
Luca BarberAssociate+1 301 564 6627 [email protected]
Scott MelnickManaging Director+1 301 564 6619 [email protected]
Anthony HebenstreitVice President+1 301 564 6621 [email protected]
Al CisselManaging Director+1 301 564 6622 [email protected]
For Financing:
Huntington Downs9705 Clocktower Lane • Columbia, Maryland • 172-Unit Value-Add Apartment Community
Huntington DownsFort Meade
Ellicott City
Baltimore City