The 440-unit Hanover at Brewers Hill apartment complex that opened in a changing part of industrial Canton in 2013 has been purchased by an investment fund.
Terms of the deal were not disclosed. The buyer of the 3700 Toone Street property is a fund sponsored by CBRE Global Investors, a real estate investment management firm affiliated with CBRE.
Texas-based Hanover Co., which developed the complex, did not respond to a request for comment. The company bought the formerly industrial property in 2011 for $2 million, according to land records, which value the apartment project at about $58 million for tax purposes.
The Brewers Hill complex has a pool, interior courtyards, clubhouse and more than 640 parking spaces. It was 92 percent occupied at the time of the sale.
Hanover first presented plans for the Brewers Hill site, which extends two blocks to O'Donnell Street, in 2008. The firm, which also developed the Crescent in Fells Point, is currently working on a new building with more than 290 apartments as part of the Stadium Square redevelopment close to Cross Street Market.