The sales price was not disclosed, but the Baltimore Business Journal reported the property was valued at $57.8 million. At the time of sale, the community was 92 percent occupied.
“The fund is focused on newer, urban, in-filled properties,” Steve Gullo, CBRE Global Investors Americas’ managing director, told MHN. “For this vehicle, Baltimore was specifically a target market given some research parameters we have around market selection.”
Located at 3700 Toone St., in the desirable neighborhood of Canton, Brewers Hill features condominium-quality finishes. Units include gourmet kitchens with stainless steel appliances, granite countertops and custom espresso cabinetry. Bathrooms include granite-topped vanities, ceramic tile showers and oversized soaking tubs.
Community amenities include two courtyards totaling over 36,000 square feet with a resort-style swimming pool, private cabanas, outdoor entertainment areas with grills, fireplaces and dining spaces. A 10,904-square-foot clubhouse boasts a 24-hour fitness center, resident lounge with demonstration kitchen, billiard room, screening room, two game rooms and a pet washing station.
According to Gullo, the Canton neighborhood is an established, yet growing residential area offering a number of retail and recreational amenities. Since 2010, the population within a quarter-mile of the property has increased by 47 percent.
“The fund wanted to invest in multifamily in the Baltimore market so we wanted to look at the neighborhoods that were becoming more dynamic and also had some upside around them,” he said. “Once you are in Baltimore, you want to be near the Inner Harbor, where people want to live work and play and Canton offers that environment but is still going through some ongoing development, which will continue to improve the neighborhood and we think its best days are still ahead of it.”
Originally constructed in 2013, the property also features 16,718 square feet of complementary retail. The parking deck includes 642 garage spaces and the property includes 47 surface spaces for retail and guest parking.
Brewers Hill is close to major transportation arteries that provide access to the central business district and other key suburban employment centers.
“Baltimore is not really a metropolitan area well served by public transportation so being in these areas that offer close conveniences, as well as great highway access so you can get throughout the region, is a plus,” Gullo said. “Canton is ideally located near the 95/895 interchanges so it has great access through the highway infrastructure of the region.”