Delancey Street Capital Sells Baltimore Community
The property is the adaptive reuse of a sail cloth factory.
Delancey Street Capital has sold The Sail Cloth Factory Apartments, a 107-unit community in downtown Baltimore, for $16 million. BZS Realty bought the asset with the help of a five-year, $11.2 million loan originated by Newmark, according to Yardi Matrix information.
Delancey sold the property after 11 years of ownership. The company had acquired it from Reinhold Residential for $13 million, the same data provider shows.
Harbor Stone Advisors President Justin Verner, Director Brooks Healy, Senior Advisor Tom Wohlgemuth and Advisor Kevin Landolphi worked on behalf of Delancey in the current transaction.
A former sail cloth factory
Originally completed in 1911, the property at 121 S. Fremont Ave. served as a sail cloth factory for 90 years, until it was converted into a residential building in 1986. The three-story community features three studios, 83 one-bedroom units and 21 two-bedroom units ranging from 552 to 938 square feet.
On-site amenities include a fitness center, business center, dog park and 2,000-square-foot rooftop deck, as well as a parking garage with 24-hour valet service. Between 2018 and 2020, the property underwent renovations that targeted 101 of its apartments.
Sail Cloth Factory Apartments is located near the University of Maryland campus and its medical center. Downtown Baltimore is less than 2 miles away.
As of February, the average advertised rent in the U.S. reached $1,751, marking a 1.2 percent rise year-over-year. Baltimore doubled the national figure, registering a 2.4 percent rent growth over the year, a recent Yardi Matrix report shows.
