Though real estate has taken several hits over the past few years, the industry may be on the mend as people slowly increase their spending and the economy begins to recover as a whole.
South Baltimore is one neighborhood that is about to undergo some real estate changes. A high-end luxury apartment complex is being built at 1901 S. Charles St., and applications will be accepted starting next month.
The project, costing $32 million, is the first in the area. With 200 apartments and rent reaching $1,365, the flashy complex is reminiscent of those in Mount Vernon and Harbor East, according to Josh E. Fidler, CEO of the developer Chesapeake Realty Partners.
“We are introducing the best of modern apartment living to a vibrant, authentic, yet underserved Baltimore neighborhood,” Fidler explained.
Chesapeake Realty Partners aren’t the only firm to take particular interest in luxury apartments in the area; Storch Realty’s focus (founded in 1923 by Frank Storch) is “specializing in luxury apartment living in Maryland,” while investment firm Pangea Ventures recently announced it will be buying real estate in Baltimore because it is “so close to Washington, D.C.,” and “really is on the upswing in terms of what they’ve done politically and on the business side.” Pangea plans to invest between $50 to $100 million in apartment units in the city.