Construction Begins on 182-Unit Community Near Baltimore
The project is expected to come online in 2026.
A joint between Soto Architecture & Urban Design, Varsity Investment Group and CBG Building Company broke ground on The Residences at Milestone, a 182-unit market-rate multifamily community located in Jessup, Md., a suburb of Baltimore. According to Yardi Matrix data, private lender Kennedy Wilson provided the project with a $44.6 million construction loan.
Slated for completion in May 2026, The Residences at Milestone will span 12 acres, and will have two mid-rise buildings containing 103 one-bedroom apartments in addition to 79 three-bedroom townhomes with private garages.
Amenities at The Residences include a 5,000 square-foot clubhouse fit with a gym, community room and pet spa alongside an on-site dog park. Outdoor amenities will encompass an entertainment and grilling area, swimming pool, fitness area, playgrounds and walking paths.
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The Residences will be located at 7960 Milestone Parkway, approximately 16 miles away to the southwest of Baltimore.
Baltimore’s Multifamily development
In 2024, the Baltimore’s multifamily fundamentals remained similar to the national average, according to a February Yardi Matrix report. As of Feb. 2025, the national average rent asking price was $1,748, higher than Baltimore’s average of $1,730. Throughout 2024, the metro saw 2,126 units come to market. Charm City’s pipeline has 6,000 units in active development, with another 40,000 units still in the planning stages.
Currently under development, The Terrace, is a 300-unit multifamily community in Frederick Md. A joint venture between High Street Residential and SCOA Real Estate Partners started construction on the project in April. The community will feature various floor plans and is expected to open in 2027.
Also in Baltimore, Delancey Street Capital sold The 107-unit Sail Cloth Factory Apartments community for $16 million. BZS Realty purchased the property in March.
