MULTI-FAMILY ADAPTIVE REUSE PROJECT BREATHES NEW LIFE INTO BALTIMORE NEIGHBORHOOD
222 Saratoga Raises the Bar for Transit-Oriented Luxury Apartment Living
BALTIMORE, MD., April 24, 2015 – The multi-family adaptive reuse movement is gaining momentum in urban centers throughout the United States as real estate developers continue to capitalize on the opportunity to turn obsolete industrial sites into amenity-rich, transit-oriented rental housing. In Baltimore, Md., projects such as 222 Saratoga exemplify the adaptive reuse concept, blending the charm of an historic turn-of-the-century structure with the vibrancy of a modern live-work-play environment.
Recently acquired by New York-based Castle Lanterra Properties (CLP), 222 Saratoga offers luxurious loft-style apartment homes in a commuter-friendly location. The 80-unit converted industrial property is within walking distance of Inner Harbor, M&T Bank Stadium, Oriole Park at Camden Yards, Southside Marketplace and numerous public transportation options. Johns Hopkins Hospital, the University of Maryland Medical Center and the Horseshoe Casino Baltimore also are nearby.
“Over the last decade many industrial and manufacturing businesses moved out of Baltimore, resulting in a number of office and industrial buildings sitting vacant without much use,” said Elie Rieder, CLP’s Founder and CEO. “As more jobs came back into the downtown area, the city began attracting millennials and young professionals in search of flexible, urban rental housing. Developers seized the opportunity to convert these empty commercial buildings into residential projects.”
222 Saratoga offers a mix of one- and two-bedroom apartments with one and one-and-one-half bathrooms. The nine-story elevator building offers among the largest apartment units in its submarket, with floor plans ranging from 1,100 square feet to about 1,600 square feet of living space. Spacious interiors blend modern finishes with a host of industrial-inspired design elements.
“This building was originally constructed as an all-concrete bomb shelter in the early 1900s and was later repositioned as a logistics center before its residential conversion in the early 2000s,” said Rieder. “These are by no means ‘cookie cutter’ apartments – units boast large concrete columns and concrete floors, exposed air ducts and soaring ceiling heights up to 20 feet high. All units have private balconies and truly exemplify the loft-style aesthetic. This is the kind of urban chic setting that many of today’s ‘renters by choice’ are seeking.”
In keeping with CLP’s focus on maximizing the potential of its residential properties, 222 Saratoga also offers strong value-add potential. In addition to opportunities for refurbishing the property and improving management, additional units can be added by repurposing and reconfiguring the existing space. Plans are underway to enhance 222 Saratoga’s on-site amenities by renovating the building’s vacant ground-floor retail space.
“We will be adding a sizeable fitness center, a lounge, a business café and a large leasing office – everything will be state-of-the-art. What also makes this building unique is its underground parking lot, an amenity valued by today’s residential tenants,” added Benjamin Loney, CLP’s Head of Acquisitions. “Consumers across every demographic category are drawn to the flexibility that apartment living provides, and 222 Saratoga represents maintenance-free living at its finest.”
Castle Lanterra Properties specializes in identifying investment opportunities in multi-family properties. Founded by Elie Rieder, the firm acquires, improves, repositions and manages a portfolio of properties across the Northeast, Mid-Atlantic and Southern U.S., with a proven track record of creating above-market returns for investors. In the past twelve months, Castle Lanterra Properties has acquired $290 million of assets including over 1,900 residential units.