By Adrian Maties, Associate Editor
In mid-July, last year, Chesapeake Realty Partners started work on a $32 million project at 1901 S. Charles Street, answering the growing need for rental housing in the Baltimore area. Now, a year later, a new apartment community in South Baltimore is getting ready to welcome new tenants. Chesapeake Realty Partners is accepting rental applications for an August 1 move-in date.
This LEED Silver community includes 193 high-end studio, one- and two-bedroom apartment units as well as a 5,000 square foot Resident’s Club with Wi-Fi, state-of-the-art fitness center, yoga/Wii room, individual club style package lockers and courtyard. 1901 South Charles Street also features Energy Star-rated units and appliances. Other amenities include stainless steel appliances, glass cooktops, granite countertops, tile baths, 9-foot ceilings and an attached 280-space parking garage.
This multifamily property is a redevelopment of the former P. Kennedy foundry. Chesapeake Realty Partners acquired the 2.4-acre property for $5.9 million in March 2011. It is located in the Federal Hill area of Baltimore—a stable, primarily residential neighborhood with restaurants and nightlife—and has access to I-95 North & South, 295 South and Downtown Baltimore. The project was financed through a $29 million FHA-insured new construction loan.
The Downtown Baltimore apartment market is thriving despite the challenging economic climate. As most downtown apartment buildings are full and have long waiting lists, it looks like Chesapeake Realty Partners won’t have trouble attracting tenants. Rents at 1901 South Charles Street are starting at $1,365 a month.
Chesapeake Realty Partners was founded in 1946 by Morton J. Macks. Headquartered in Owings Mills, Maryland, the company is involved in land acquisition, land planning and land development, condo development, construction and operation of residential rental communities, and construction and operation of commercial properties. In the past year, Chesapeake Realty Partners invested $186.5 million to construct five new apartment communities comprising 1,260 residences in Maryland, Virginia and Pennsylvania.
Rendering courtesy of http://1901southcharles.prospectportal.com/.