A groundbreaking ceremony has marked the beginning of construction for The Residences at Milestone, a 182-unit, market-rate multifamily community in Jessup, Md., a suburb just outside of Baltimore. The project is a collaborative effort between Soto Architecture & Urban Design, Varsity Investment Group, and CBG Building Company, with private lender Kennedy Wilson providing a $44.6 million construction loan to fund the development.

"The project is expected to be completed by May 2026," said a spokesperson for the development team. The community will be spread across 12 acres and will feature two mid-rise buildings with 103 one-bedroom apartments, in addition to 79 three-bedroom townhomes equipped with private garages.

The Residences at Milestone will offer several amenities to residents, including a 5,000 square-foot clubhouse featuring a gym, community room, and pet spa, as well as an on-site dog park. Other outdoor amenities will include a swimming pool, fitness area, playgrounds, walking paths, and an entertainment and grilling area.

Located at 7960 Milestone Parkway, the development is about 16 miles southwest of Baltimore. According to Yardi Matrix, Baltimore's multifamily market remained steady in 2024, with 2,126 units being delivered, and a further 6,000 units in active development.

The project is part of a broader multifamily development trend in the Baltimore metro area. Yardi Matrix reports that Baltimore's average rent asking price as of February 2025 was $1,730, just slightly below the national average of $1,748.

In addition to The Residences at Milestone, The Terrace, a 300-unit community in Frederick, Md., is under development and is expected to open in 2027. This project is a joint venture between High Street Residential and SCOA Real Estate Partners.

In another recent development, Delancey Street Capital sold The 107-unit Sail Cloth Factory Apartments in Baltimore for $16 million to BZS Realty in March.

Originally reported by Mikayla Sciortino in Multi Housing News.