Baltimore, MD – September 13, 2021 – Broadshore Capital Partners, in a joint venture with an investment partner, has completed the acquisition of 225 North Calvert, a 347-unit, 17-story apartment building in the Inner Harbor District of downtown Baltimore, Maryland.
The seller completed a top-to-bottom renovation of the 1967 constructed office building in 2018, converting the property to a Class A apartment tower. In addition to 347 apartment residences, the building also provides 9,535 square feet of ground floor retail space, currently leased to a DaVita dialysis center, and 430 parking spaces.
“Downtown Baltimore has evolved in the decades since 225 Calvert was originally constructed and in its new incarnation it offers a well-located, modern residential opportunity in a central business district that also benefits from being a popular tourist destination,” observed Brad Howe, co-CEO, Broadshore. “Broadshore’s experienced multifamily team will oversee 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 sustained above average occupancy throughout the pandemic. In addition to being well-located in downtown Baltimore, one of the city’s business hubs and across the street from Mercy Hospital, the property also benefits from access to the area’s regional public transportation network and proximity to a variety of established retail and dining areas in a walkable neighborhood. The surrounding area is also home to the National Aquarium, Oriole Park at Camden Yards and Ravens’ M&T Bank Stadium.
The apartment tower features a mix of contemporary one- and two-bedroom residences designed as open floor plans with floor-to-ceiling windows, balconies, modern kitchens, bathrooms and in-unit washer and dryer. Residents have a host of amenities with a rooftop terrace featuring a swimming pool and lounge area, community game room, multimedia theatre, health club and a pet exercise area and grooming stations.
Broadshore’s head of east coast acquisitions, Scott Clukies, led the company’s team on the transaction. The team applied its expertise in multifamily investments, built over more than 30 years of investing in markets across 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.
About Broadshore Capital Partners
Broadshore Capital Partners, LLC (“Broadshore”) was founded in 1989 (under a predecessor name) and became an SEC registered investment adviser in 1991. In 2019 the company rebranded following a buyout led by its long-time partner, The Guardian Life Insurance Company of America. Broadshore is a leading national real estate investment management and advisory services company with approximately $1.8 billion in assets under management as of March 31, 2021 The firm provides real estate advisory services to a select list of international institutions, public pension funds, insurance companies and high net worth individuals. Broadshore is based in Los Angeles and retains additional personnel in New York, Denver, Seattle and Phoenix. For more information visit www.broadshore.com