LOS ANGELES – Oct. 6, 2016 – A fund advised by CBRE Global Investors has acquired Brewers Hill, a two-building 440-unit, Class-AA apartment community in Baltimore that is 92 percent occupied. The asset, which was built in 2013, also features 16,718 square feet of complementary retail.
Located at 3700 Toone Street in the desirable neighborhood of Canton, Brewers Hill benefits from accessibility to major transportation arteries that provide access to the Central Business District and other key suburban employment centers. The Canton neighborhood is an established, yet growing, residential area offering a number of retail and recreational amenities. Due to its proximity to downtown and its accessibility throughout the region, the neighborhood has experienced ongoing redevelopment that continues to benefit the area. Since 2010, the population within a quarter-mile of the property has increased by 47 percent. Commercial real estate has followed that growth, with one million square feet of retail and office within a two-block radius of the asset.
“Baltimore is a target market for our multifamily investment program, and Canton is a desirable submarket that is expected to experience continued growth and outperform the MSA,” said Kim Hourihan, Portfolio Manager, CBRE Global Investors Americas. “Strong demand has kept the apartment stock essentially fully occupied for the past five years.”
Brewers Hill features condominium-quality finishes and amenities that differentiate it from other apartment communities in the MSA. Unit finishes include gourmet kitchens with stainless steel appliances, granite countertops and custom espresso cabinetry. Bathrooms include granite-topped vanities, ceramic tile showers and oversized soaking tubs. Best-in-class community amenities include two courtyards totaling over 36,000 square feet with a resort-style swimming pool, private cabanas, outdoor entertainment areas with grills, fireplaces and dining spaces. The 10,904 square foot clubhouse features a 24-hour fitness center, resident lounge with demonstration kitchen, billiard room, screening room, two game rooms and a pet washing station.
The parking deck includes 642 garage spaces. Additionally the property includes 47 surface spaces for retail and guest parking.
“With the installation of a best-in-class leasing team, the implementation of our Inspired Lifestyle tenant amenity program, and a proactive capital program to maintain the market-leading asset quality, we expect Brewers Hill will continue to attract an impressive resident profile and differentiate itself from the competitive set,” said Steve Gullo, Managing Director, CBRE Global Investors Americas.
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $88.6 billion in assets under management* as of June 30, 2016. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment firm for the benefit of its investors. CBRE Group, Inc. has more than 70,000 employees in more than 400 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.