Verona at District Heights, Maryland, USA

In 2019, Warren Private acquired a 404 apartment multi-family complex in District Heights, Maryland, USA in conjunction with our US operating partner Dragone Realty Investments. 

Built in 1963, the property comprises 11 three-storey buildings and 526 surface car spaces on 18 acres. The grounds of the property contain a swimming pool, playground, dog park and substantial landscaped areas.

Located just eight miles from the centre of Washington DC, it has easy access to public transport, employment and retail centres throughout the Washington DC metropolitan area.

At acquisition, the property was known as Pennbrooke Station but has been rebranded as Verona at District Heights.

Since acquisition, we have commenced a $10m capital renovation program which will be phased over 2 years. These works will allow for a substantial upgrade of all apartments and the communal areas and the addition of a business centre, and have been designed and specified to set the property apart from competing rental communities, which will allow for higher and more stable rents to be achieved.

The investment period is four years, and projected returns are strong at a pre-tax IRR of c.20% and a pre-tax profit of c.105% of investors’ original investment amount.