A fund advised by CBRE Global Investors has picked up a two-building 440-unit apartment community in the Canton neighborhood of Baltimore. Called Brewers Hill, it includes two courtyards totaling with a resort-style swimming pool, private cabanas and outdoor entertainment areas with grills. A 10,904 sqf clubhouse includes a 24-hour fitness center, resident lounge with demonstration kitchen, a billiard and screening room, screening room, and a pet washing station. Originally constructed in 2013, the property also features 16,718 sqf of retail space along with a 642 space parking deck. The sales price was not disclosed, but sources reported the property was valued at $57.8 million at the time of the sale.
“The fund wanted to invest in multifamily in the Baltimore market so we wanted to look at the neighborhoods that were becoming more dynamic and also had some upside around them,” Steve Gullo, CBRE Global Investors Americas’ managing director. “Once you are in Baltimore, you want to be near the Inner Harbor, where people want to live work and play and Canton offers that environment but is still going through some ongoing development, which will continue to improve the neighborhood and we think its best days are still ahead of it.”
