BALTIMORE, MD – Broadshore Capital Partners, in a joint venture with an investment partner, has completed the acquisition of 225 North Calvert, a 17-story, 347-unit home in the Inner Harbor District of downtown Baltimore, Maryland.
The seller completely renovated the 1967 office building in 2018 and converted the property into a class A residential tower. In addition to 347 apartment buildings, the building offers 9,535 square meters of retail space on the ground floor, which is currently rented to a DaVita dialysis center, as well as 430 parking spaces.
"Downtown Baltimore has evolved over the decades since 225 Calvert was originally built and in its new form offers well-located, modern housing in a central business district that also benefits from being a popular tourist destination," noted Brad Howe, co-CEO, Broadshore. "Broadshore's seasoned, multi-family team will oversee the management of 225 North Calvert to ensure it maximizes its competitive position in an improving market with projected increases in occupancy and rental rates."
225 North Calvert has above average occupancy during the pandemic. In addition to its convenient location in downtown Baltimore, one of the city's business centers and across from Mercy Hospital, the property also benefits from being connected to the area's regional public transport network and being close to a variety of established retail and dining areas in a pedestrian-friendly manner Quarter. The National Aquarium, Oriole Park at Camden Yards and the Ravens M&T Bank Stadium are also nearby.
The apartment tower offers a mixture of modern one- and two-room apartments, which are designed as open floor plans with floor-to-ceiling windows, balconies, modern kitchens, bathrooms and a washer and dryer in the unit. Residents have a variety of amenities including a rooftop swimming pool and lounge area, communal game room, multimedia theater, gym and pet exercise area, and foster stations.
Scott Clukies, Broadshore's Head of East Coast Acquisitions, led the company's team on the transaction. The team used their multi-family investment expertise, built over more than 30 years of investing in markets in the United States, to identify, evaluate, and secure this opportunity. The seller was represented by JLL. The JLL Capital Markets Investment Sales Advisory Team representing the seller was led by Senior Managing Directors Walter Coker and Brian Crivella and Director Robert Jenkins.