Maryland

Walker & Dunlop Provides $105M Acquisition Loan for Affordable Housing Community in Metro D.C.

by John Nelson July 28, 2022

LANDOVER HILLS, MD. — Walker & Dunlop has provided a $105 million acquisition loan for The Verona at Landover Hills, a 727-unit multifamily community located in the Washington, D.C., suburb of Landover Hills in Prince George’s County. Walker & Dunlop’s John Gilmore and his team structured the acquisition financing through Fannie Mae’s Multifamily Affordable Housing platform on behalf of the buyer, a joint venture between Dantes Community Partners and the Urban Investment Group (UIG) within Goldman Sachs Asset Management. Built in 1966, The Verona previously operated as a traditional market-rate community but Dantes and UIG entered into an agreement with Prince George’s County Department of Housing & Community Development at closing where new affordability restrictions were placed on the asset. The 30-acre property consists of 25 four-story apartment buildings with 91 separately addressed entryways. Units feature new stainless steel appliances and upgraded cabinetry and countertops.

July 28, 2022

Build-to-Rent Development Maryland Multifamily Single-Family Rental Southeast

Klein Enterprises, Evolv to Develop 74-Unit Build-to-Rent Community in Waldorf, Maryland

by John Nelson July 25, 2022

WALDORF, MD. — Klein Enterprises and Evolv LLC, an affiliate of Fraser Forbes Real Estate Services, have acquired land in Waldorf to construct 74 build-to-rent (BTR) townhomes. The duo are acquiring lots in two phases via an assignment agreement with Dream Finder Homes, a homebuilder based in Jacksonville. Klein and Evolv plan to break ground in August on Phase I, with construction estimated to last 15 months and homes be delivered on a rolling monthly basis. The community will be situated in Waldorf’s Scotland Heights neighborhood, about 25 miles south of Washington, D.C.

July 25, 2022

Acquisitions Maryland Multifamily Southeast

Grosvenor Acquires 21-Story Apartment Tower in North Bethesda for $95M

by John Nelson July 21, 2022

BETHESDA, MD. — Grosvenor and an unnamed investment partner have acquired a 21-story apartment tower in North Bethesda that coincidentally shares a name with the private investor. Grosvenor Tower is located at 10301 Grosvenor Place and features 237 apartments. The acquisition price was not disclosed, but the Washington Business Journal reports that the asset traded for $95 million and that Grosvenor plans to invest $10 million to upgrade the property. The property was originally built in 1987, renovated in 2008 and includes 80 one-bedroom, one-bath apartments and 157 two-bedroom, two-bath apartments. Grosvenor has engaged Bozzuto Management to oversee day-to-day property management. The buyer plans to enhance energy and water efficiency at Grosvenor Tower as part of its $10 million value-add program.

July 21, 2022

Acquisitions Maryland Multifamily Southeast

CRC Sells Riverstone at Owings Mills Apartments in Baltimore County for $92.9M

by John Nelson July 19, 2022

OWINGS MILLS, MD. — Continental Realty Corp. (CRC) has sold Riverstone at Owings Mills, a 324-unit apartment community located at 4700 Riverstone Drive in Owings Mills. Carter Funds purchased the property for $92.9 million, which is approximately $31 million more than what CRC paid for the community in 2016. Christine Espenshade and Robert Garrish of Newmark represented the Baltimore-based seller in the transaction. Situated at the northwest part of Baltimore County adjacent to Owings Mills Town Center, Riverstone features a newly renovated fitness center, clubhouse, leasing office and pool deck. According to Apartments.com, the property features one- to three-bedroom units ranging in size from 692 to 1,419 square feet.

July 19, 2022

Acquisitions Maryland Multifamily Southeast

Hamilton Zanze Acquires 244-Unit Echelon at Odenton Apartments in Metro Baltimore

by John Nelson July 18, 2022

ODENTON, MD. — San Francisco-based Hamilton Zanze has purchased Echelon at Odenton Apartments, a 244-unit garden-style multifamily community located at 315 Nevada Ave. in Odenton, a suburb of Baltimore. Built in 2016, the apartment community was 97 percent occupied at the time of sale. The seller and sales price were not disclosed. Situated on 6.6 acres, Echelon at Odenton comprises two five-story residential buildings housing units ranging from 759 to 1,456 square feet, as well as a single-story clubhouse. Amenities include a theater, barbecue and grilling areas, clubhouse, TV lounge and bar, playground, game room, pool and covered bike storage.

July 18, 2022

Acquisitions Life Sciences Maryland Office Southeast

CBRE Negotiates $25.5M Sale of Office Complex in Rockville, Maryland

by John Nelson July 15, 2022

ROCKVILLE, MD. — CBRE has negotiated the $25.5 million sale of Research Square, a two-building office complex located at 1500 and 1550 Research Blvd. in Rockville, a suburb of Washington, D.C. The seller is Westat, an employee-owned research company based in Rockville. Tommy Cleaver, Dan Grimes and Stuart Kenny of CBRE represented Westat in the transaction. The buyer was not disclosed. CBRE says that the properties, which were fully vacated at the time of sale, represent a “premier life sciences conversion opportunity” as the Washington-Baltimore Corridor ranked No. 2 in CBRE’s Life Sciences Research Talent 2022 report.

July 15, 2022

Acquisitions Maryland Retail Southeast Virginia

Klein Enterprises Acquires Nine-Property Shopping Center Portfolio in Mid-Atlantic

by John Nelson July 14, 2022

BALTIMORE — Klein Enterprises, an investment and development firm based in Baltimore, has purchased a portfolio of nine grocery-anchored shopping centers in the Mid-Atlantic. The portfolio spans 800,000 square feet of retail space and was 80 percent leased at the time of sale. Cedar Realty Trust sold the portfolio for an undisclosed price in conjunction with the broader asset acquisition of Cedar’s grocery-anchored portfolio by a joint venture between DRA Advisors and KPR. United Bank provided an undisclosed amount of debt financing for the acquisition. As part of the transaction, Klein is acquiring seven stabilized shopping centers and two centers actively under redevelopment: Valley Plaza in Hagerstown, Md., and Yorktowne Plaza in Cockeysville, Md. The other seven centers in the portfolio include: • The Shoppes Arts District located in Hyattsville, Md. • Oakland Mills located in Columbia, Md. • Elmhurst Square located in Portsmouth, Va. • General Booth Plaza located in Virginia Beach, Va. • Kempsville Crossing located in Virginia Beach, Va. • Oak Ridge Shopping Center located in Suffolk, Va. • Swede Square located in East Norriton, Pa.

July 14, 2022

Acquisitions Hospitality Loans Maryland Southeast

Mag Mile Capital Arranges $8.6M Acquisition Loan for Days Inn Hotel in Downtown Baltimore

by John Nelson June 28, 2022

BALTIMORE — Mag Mile Capital has arranged an $8.6 million acquisition loan for a 250-room Days Inn hotel located at 100 Hopkins Place in downtown Baltimore. The three-year, non-recourse, cash-out bridge loan was underwritten with an 8 percent interest rate with two-one year extension options. The borrower and direct lender were not disclosed. Situated near Baltimore’s Inner Harbor district and Oriole Park at Camden Yards, the Days Inn hotel features a 24-hour reception desk, bar and restaurant, business center, café, banquet facilities, fitness center, meeting room, onsite parking, a sundries market and an outdoor swimming pool.

June 28, 2022

Acquisitions Maryland Retail Southeast

IPA Arranges $24.5M Sale of Gaitherstowne Plaza Shopping Center in Metro D.C.

by John Nelson June 27, 2022

GAITHERSBURG, MD. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Gaitherstowne Plaza, a 71,329-square-foot shopping center in the Washington, D.C., suburb of Gaithersburg. Manhasset, N.Y.-based Millbrook Properties purchased the center from an affiliate of the U.S. division of Israel-based BIG Shopping Centers Ltd., BIG Shopping Centers USA, for $24.5 million. Dean Zang, David Crotts and Josh Ein of IPA represented the seller in the transaction. According to IPA, the property was fully leased at the time of sale and the average tenure of tenants is over 10 years, with the tenant roster including national brands Gabe’s, AutoZone, Sherwin-Williams and IHOP on an outparcel.

June 27, 2022

Acquisitions California Georgia Illinois Maryland Michigan Midwest Minnesota Northeast Pennsylvania Retail Southeast Texas Top Stories Western

JLL Brokers $278M Sale of Eight-Property Grocery-Anchored Retail Portfolio

by Katie Sloan June 16, 2022

OAK BROOK, ILL. — JLL’s Capital Markets group has arranged the $278 million sale of an eight-property, grocery-anchored retail portfolio. The buyer was Inland Real Estate Income Trust Inc. The properties were 88.5 percent leased at the time of sale to tenants including Ralphs, Target, Whole Foods Market, Giant, Trader Joe’s, Sprouts Farmers Market, Nordstrom Rack, Starbucks Coffee, Rite Aid and Sierra Trading Post. The properties span 687,000 square feet and include: Olde Ivy Village, located outside of Atlanta at 4330 East-West Connector in Smyrna, Ga.; Denton Village, located at 4930 Teasley Lane in the Dallas suburb of Denton, Texas; Northpark Square Village, located at 27706-27776 McBean Parkway in the metro Los Angeles community of Valencia, Calif.; Northville Park Place, located at 18771-39869 Traditions Drive in Northville, Mich., outside of Detroit; City Place, located eight miles east of Saint Paul at 205 Radio Drive in Woodbury, Minn.; Rusty Leaf Plaza, located at 2512-2560 E. Chapman Ave. in Orange, Calif.; Lower Makefield Shopping Center, located at 700 Stony Hill Road in Yardley, Pa., outside Philadelphia; and New Town Village, located at 9700 Groffs Mill Drive in the metro Washington, D.C., community of Owings Mills, Md. Bill Moylan, Chris Angelone, Barry Brown, …

June 16, 2022

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