BERNSTEIN PURCHASES STAKE IN FOREST CITY MULTIFAMILY PORTFOLIO

VIRGINIA AND MARYLAND Ń Washington, D.C.-based Bernstein Management has acquired a 50 percent interest in a $250 million portfolio of multifamily properties controlled by Cleveland-based Forest City Enterprises. The portfolio comprises three high-rise multifamily communities located in the greater Washington, D.C., area that were developed by Forest City. The properties include The Grand, a 19-story, 549-unit property located in Bethesda, Md; Lenox Park, a 17-story, 406-unit property located in Silver Springs, Md.; and Lenox Club, a 21-story, 385-unit property located in Arlington, Va. The communities include amenities such as ground-floor retail space, swimming pools and fitness centers. Occupancy for the portfolio averaged 93 percent at the time of closing. Forest City expects to realize approximately $34 million from the creation of the joint venture. The transaction was negotiated by the CB Richard Ellis team of Bill Roohan, Andy Boyer, Mike Mulldowney, Jonathan Greenberg, Michael Rudolph, John Sheridan and Brian Margerum. Ń Coleman Wood