BALTIMORE, MD—Philadelphia-based Delancey StreetCapital has acquired the Sail Cloth FactoryApartments building here, a 107-unit loft style apartmentcommunity located next to the University of Maryland Medical Centerand University of Maryland. The company acquired the property for$12.9 million from a private seller.CBRE brokered the transaction.
The building was constructed from 1888 to 1911 and then, as itsname suggests, served as a manufacturing plant for sail cloth usedby mariners and machine belts. The building was converted to loftapartments in 1986, and upgraded in later years.
Delancey Street plans to make further upgrades of the buildingamenities and renovate select apartments, including upgrading theproperty with a new 2,000 square foot roof deck, free wirelessinternet and yoga classes.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
