Baltimore Apartments Change Hands

JLL Capital Markets facilitated the sale of a 347-unit multifamily community in the city core.
225 North Calvert

Broadshore Capital Partners has acquired 225 North Calvert, a 347-unit Class A community in downtown Baltimore. The seller was CP Capital US, formerly known as HQ Capital Real Estate. JLL Capital Markets worked on behalf of the seller to facilitate the transaction.

The luxury apartment property is an adaptive reuse of a 1967-built office building, known throughout the years as Maryland National Bank Operations Center, NationsBank Building and Bank of America Building.

Construction began on converting the commercial building into an apartment community in 2016, and the conversion project was finalized in late 2018. The seller funded the construction with a $47.4 million loan financed by Citizens Financial Group, Yardi Matrix data shows.

225 North Calvert includes a 9,535-square-foot ground-floor retail space that currently serves as a dialysis center with DaVita as tenant. The property also offers 430 parking spots across a five-story garage.

Located on less than one-acre at 225 N. Calvert St., the apartment tower features one- and two-bedroom apartments with floorplans ranging between 572 and 1,053 square feet. The majority of the units feature 10-foot ceilings, while there are a few two-story lofts with 22-foot ceilings.

Amenities and location

The community includes a rooftop terrace with a swimming pool and lounge, a club room equipped with a fireplace and bar, a game room with billiards and shuffleboard, a multimedia theater, a business center, a health club along with yoga and spin studios. In addition, 225 North Calvert is pet-friendly and offers a pet park and pet spa with grooming stations.

Adjacent to Mercy Medical Center, the property is within walking distance of Preston Gardens Park, less than half a mile from the Charles Street retail corridor. Johns Hopkins University is roughly 3 miles away and less than 2 miles from the Inner Harbor waterfront.

The JLL Capital Markets team that arranged the transaction included Senior Managing Directors Walter Coker and Brian Crivella and Directors Robert Jenkins and Bill Gribbin.

In August, another JLL team secured a $49 million acquisition loan for a Class A multifamily property in Denver. That same month, Peak Management paid $35.6 million for a mixed-used property roughly 12 miles away in Towson, Md.