BALTIMORE, MD – San Francisco-based real estate investment firm Hamilton Zanze announced the buy of Echelon at Odenton Apartments, their 14th acquisition in the state of Maryland. The firm closed the deal on this Class-A property on June 28, 2022.
The Echelon at Odenton property is a garden-style community built in 2016 on 6.6 acres. The property was 97% occupied at buy and is comprised of a single-tale central clubhouse and two five-tale residential buildings. These units range from 759 square feet to 1,456 square feet. The community includes several upscale amenities such as a state-of-the-art theater, barbecue and grilling areas, clubhouse, TV lounge and bar, playground, game room, pool, covered bike storage, and many others. Unit amenities include storage space, in-unit washers/dryer, stainless steel appliances, walk-in closets, loft floorplans, high ceilings, and more.
“We are excited to further expand our presence in Maryland with the buy of Echelon at Odenton,” said David Nelson, Hamilton Zanze’s chief investment officer. “The 2016 mid-rise community features best-in-class amenities, a central location near the largest employers in the state of Maryland like Fort Meade, and close proximity to an abundance of retail and entertainment in Downtown Baltimore. This property is in a strong position due to its stable, high-income tenant base employed in essential roles across military and government positions.”
The property is located at 315 Nevada Avenue in Odenton, located in the Baltimore Metropolitan Area. Its position within the Baltimore MSA provides simple access to major employment markets and entertainment options. There are 10 Fortune 500 companies based in the Baltimore metro, including McDonalds, DISH Network, Dollar Tree, and International Paper. Odenton is also a top regional destination for locals and tourists, as it offers many unique restaurants, coffee shops, outlets, amusements rides, and events. With this latest acquisition, HZ now owns and operates six properties in the Baltimore market.
HZ’s capital improvements will include site and landscaping enhancements, amenity updates, unit maintenance repairs, and sustainability implementation. Management of the property has also been transitioned to HZ affiliate Mission Rock Residential, a Denver-based company.

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MORRISVILLE, NC – TerraCap Management, a privately held investment firm with its headquarters in Naples, Florida, announced the acquisition of The Lex at Brier Creek, a 1999-built, 346-unit apartment complex located in the Brier Creek neighborhood in Morrisville, NC.
This acquisition will be TerraCap’s second, large scale multifamily acquisition in the Raleigh-Durham metro area this year. The firm continues to increase their investment in the Raleigh-Durhammarket, as TerraCap previously closed on Amberwood at Lochmere in March 2022. Amberwood is a 340-unit, Class A property and is located in nearby Cary, NC.
“Our thesis is to invest in what our metrics indicate are high growth markets, and we believe in the growth tale that the Raleigh metro has to offer,” said Steve Excellent, TerraCap Partner and National Director of Acquisitions. “The growth numbers in Raleigh are consistently in the top of the nation, so we hope to continue building our long-term presence in this dynamic market.”
The Lex at Brier Creek features one, two, and three-bedroom units with an average floorplan size of 1,131 square feet. TerraCap plans to implement a premium renovation program to improve tenants’ living experiences. The property is located just off of US-70 and provides accessibility to both downtown Raleigh and downtown Durham. Amenities at the property include a swimming pool, a nature trail, an outdoor kitchen with grilling stations, a children’s playground, a business center, a tennis court, and a dog park.
Robert Witt, TerraCap Partner and Asset Manager, added, “Our goal is to concentrate on enhancing the property’s amenities, such as a new tenant lounge next to the pool and a new outdoor tenant amenity in the middle of the property. The property will also get new roofing and exterior paint work done. Our interior premium upgrades, which will feature new quartz countertops, ceramic backsplashes, LTV flooring, and new lighting in each remodeled apartment, will be our other key focus.”
John Munroe of Newmark represented the seller in the disposition. First Communities Management was hired as property manager.

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DALLAS, TX – S2 Capital announced it has bought a 14-property portfolio across Dallas-Fort Worth and Houston. The portfolio totals 4,455 units across 14 assets built in 1979-1987. S2, a national multifamily investor with more than $10 billion in transaction volume, is making this investment from its S2 Multifamily Value-Add Fund 1. Terms of the transaction were not told.
With this transaction, S2 overtakes Blackstone as the #1 most active buyer of multifamily in Dallas-Fort Worth for the past five years according to Real Capital Analytics.
Over the next two years, S2 plans to renovate the exterior and interior of each asset in order to offer current and prospective residents an enhanced community experience. The exterior enhancements will be tailored around improved swimming pools, fitness centers, clubhouses, leasing offices, repainting, refreshing siding, and upgrading balcony enclosures. Interior enhancements will focus on new flooring, countertops, appliance packages, kitchen tile, shower tile, light fixtures, and hardware.
“The run up in mortgage rates for the single-family market has exacerbated a broader affordability issue leaving a lot of people looking to rent as the more affordable option. We are excited about this portfolio because while people start searching for affordable housing options, we don’t believe that should be associated with an outdated community experience,” said Ryan Everett, VP of Acquisitions at S2. “The majority of the amenities and features at these properties date back to their original development roughly 40 years ago. Our plotted property improvements will increase the supply of quality housing that is essential to sustaining desirable communities and meeting local employer needs, which will benefit both our tenants and investors,” he added.

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