WPM Real Estate Management, one of the premier property management organizations serving the Mid-Atlantic region, has been selected to manage a portfolio of five multifamily residential properties located throughout Maryland and totaling 1,659 units. The addition of these properties is part of WPM’s strategic growth plan and brings the total number of units under management in WPM’s multifamily division portfolio to nearly 9,000.
Over the past several months, WPM has been engaged with Baltimore-based MCB Real Estate, a privately held, institutionally capitalized real estate investment firm, to assist with the due diligence of their recent acquisition of these five properties. WPM currently manages several other multifamily real estate assets owned by MCB and is also engaged in pre-development work for a new-construction community in Baltimore, scheduled to deliver in the Fall of 2023.
“Simultaneously transitioning more than 1,600 units across five newly-acquired properties speaks volumes about MCB’s trust in our skills and abilities as a management company,” says WPM President James Dahlgren, Jr. “At a time when multifamily property valuations are historically high and costs for goods, services and mortgage rates are increasing, management matters. We’re pleased to have the opportunity to add value and deliver exceptional results.”
WPM took over management of all five properties on July 20, 2022. They include The BLVD at White Springs in Nottingham, The Springs Townhomes in Parkville, Beacon Pointe in Sparrows Point, Hampton Point in Silver Spring, and recently rebranded Quiet Waters Landing in Annapolis.
Built between the 1970s and late 1980s, one-third of the units across the properties had been renovated prior to the change in ownership. MCB and WPM will undertake an accelerated plan to continue renovations, with all units expected to be renovated over the next few years.
“WPM has been instrumental in helping us evaluate, plan, and prepare for the purchase of these properties,” said David Bramble, Co-Founder and Managing Partner at MCB Real Estate. “We knew we needed a management partner who could quickly transition both market-facing and back-of-house operations. We also wanted a team who could provide guidance and support in our efforts to make improvements to the properties, while maintaining detailed oversight of the financials and ensuring the highest level of service to residents. WPM was the clear choice for this critical role.”
With the addition of these five properties, WPM also expands its team of Associates supporting its multifamily real estate portfolio adding 38 positions to its team.
WPM’s multifamily management portfolio is routinely recognized for its high resident satisfaction ratings. Communities under its management have been ranked in the top 1% nationwide by The Online Reputation Assessment (ORA®) developed by J Turner Research, which looks at resident reviews posted on multiple online rating websites noting praise for outstanding management, customer service excellence, prompt and efficient maintenance, and much more.
About WPM Real Estate Management
WPM Real Estate Management is an Accredited Management Organization® (AMO®) that provides property management for over 26,000 homes and 45,000 people in the Mid-Atlantic and MidSouth regions, including Maryland, Pennsylvania, Delaware, and Virginia. The company’s primary focus is residential: multifamily, condominium, senior housing, student housing, and homeowner association communities. In addition, it has an extensive managed portfolio of commercial, industrial, and retail properties. WPM has ranked #1 on the Baltimore Business Journal List of Largest Residential Property Management Companies in the Baltimore Area year over year. The firm has also been recognized as one of Baltimore’s Top Workplaces by The Baltimore Sun, ranking among the top large employers for ten consecutive years. The company employs over 450 employees across more than 150 properties.
For more information about WPM Real Estate Management, visit the WPM website at www.wpmllc.com.
