Multifamily giant Greystar has broken ground on a new phase of its first project in Baltimore, Md. The 500-unit Class A rental building is rising within a 12-acre mixed-use development near Canton Waterfront Park.
Greystar first purchased the site in October from developer Mark Sapperstein, according to the Baltimore Business Journal.
The news comes on the heels of Greystar’s $127 million purchase of The Lexington, a 598-unit residential community in suburban Nashville, Tenn., earlier this month.
Dubbed Elan Brewers Hill, Greystar’s new Baltimore property was designed by BKV Architects and will have a mix of studio, one- and two-bedroom units ranging from 507 to 1,317 square feet in size. The project first broke ground in October of this year and is slated to be completed in late 2022.
Greystar’s new community is rising on a 3.8-acre site within the Collective at Canton on Boston Street, a major mixed-use project being spearheaded by 28 Walker Development, a Baltimore-based development firm. The project, located less than four miles from the downtown area, will be anchored by a Sprouts Farmers Market and 100,000 square feet of Class A office space.
The rental building will feature roughly 23,000 square feet of amenity space designed by the project’s interior designer, EditLab, once completed. The firm is designing the amenity program to “seamlessly integrate” with the property’s three outdoor courtyards, according to Greystar.
John Beinert, director of development for Greystar, said in prepared remarks that the firm specifically targeted the greater Canton section of Baltimore based on its long-term potential.