Maryland

Avanath Capital Acquires Two Multifamily Communities in Metro D.C. for $29.3M

by Camren Skelton April 13, 2018

UPPER MARLBORO, MD. — Avanath Capital Management LLC has acquired two multifamily properties in Upper Marlboro, roughly 20 miles southeast of Washington, D.C., for a combined $29.3 million. The firm acquired Largo Center, a 100-unit community located at 520 Largo Center Drive, for $14.3 million, and Vistas at Lake Largo, a 110-unit seniors housing community located at 500 Harry S. Truman Drive, for $15 million. The properties were purchased through Avanath’s institutional fund, Avanath Affordable Housing III. The names of the sellers were not disclosed. Largo Center features a swimming pool, clubhouse and in-unit washers and dryers. Vista at Lake Largo features a theater, courtyard, community room and laundry facilities. Avanath plans to renovate both properties with upgraded clubhouses and fitness centers, keyless entry, LED lighting, exterior paint, landscaping improvements and renovated common area hallways.

April 13, 2018

Acquisitions Maryland Multifamily Southeast

Peak Management Buys Apartment Community Near Baltimore for $24.5M

by Camren Skelton April 10, 2018

PIKESVILLE, MD. — Peak Management LLC has acquired Annen Woods, a 131-unit apartment community in Pikesville, for $24.5 million. The community is located at 1 Harness Court, roughly 20 miles northwest of Baltimore. Peak Management, an affiliate of Hill Management Services Inc., acquired the asset from Harbor Group Management. Annen Woods includes a mix of one- to three-bedroom units and was 96 percent occupied at the time of sale. Community amenities include a swimming pool with sundeck, lighted tennis court, fitness center and a fenced-in dog park. Peak Management plans to upgrade the community by renovating approximately 90 percent of units with the addition of stainless steel appliances, granite countertops, Nest light fixtures and new bathroom vanities and countertops. In addition, the company will remodel the leasing office and fitness center and install low-flow plumbing fixtures in each unit to reduce water consumption.

April 10, 2018

Acquisitions Maryland Office Southeast

Hertz Acquires Wells Fargo Tower in Baltimore’s CBD for $36.8M

by Camren Skelton April 6, 2018

BALTIMORE — Hertz Investment Group has acquired Wells Fargo Tower, a 24-story office building located at 7 St. Paul St. in Baltimore’s central business district, for $36.8 million. According to the Baltimore Business Journal, Bethesda, Md.-based special servicer CWCapital Asset Management sold the asset less than a year after acquiring it following foreclosure by the previous owner. Natixis provided a $29.3 million acquisition loan on behalf of Hertz. The 378,010-square-foot tower was 67 percent leased at the time of sale to tenants such as Wells Fargo Bank and law firms Whiteford Taylor & Preston, Anderson Coe King and Wright, Constable & Skeen. Wells Fargo Tower was originally constructed in 1985, and recently underwent renovations including an updated lobby and replacement of water pumps, chillers and cooling tower.

April 6, 2018

Acquisitions Hospitality Maryland Southeast

Hersha Acquires 150-Room, Waterfont Hotel in Annapolis for $41.5M

by Camren Skelton April 4, 2018

ANNAPOLIS, MD. — Hersha Hospitality Trust has acquired the Annapolis Waterfront Hotel, a 150-room hotel in Annapolis, for $41.5 million. The name of the seller was not disclosed. The hotel was rebranded to Marriott International’s Autograph Collection Hotels in 2015, and features a business center, docking, laundry service, fitness center and an onsite restaurant and bar — Pusser’s Caribbean Grille. The hotel is situated on the Chesapeake Bay harbor, adjacent to the Annapolis town square and three blocks from the main gate of the United States Naval Academy.

April 4, 2018

Acquisitions Maryland Multifamily Property Type Southeast Top Stories

Strata Equity Buys Multifamily Portfolio in Metro D.C. from FCP for $302M

by John Nelson April 3, 2018

ST. CHARLES, MD. — An affiliate of San Diego-based Strata Equity Group has purchased an 11-property multifamily portfolio in Suburban Maryland for $302 million. This is the first purchase in the Mid-Atlantic region for the privately held firm. Totaling 1,731 units, the properties are situated within St. Charles, a master-planned community roughly 30 miles south of Washington, D.C. The portfolio comprises Class A and B communities with an average unit size of 998 square feet. The buildings are 21 years old on average. Renovations have been ongoing since 2014, and Strata plans to complete all remaining interior rehabs while making other capital improvements. Each property is part of a neighborhood association that provides residents access to a community center and recreational facilities such as swimming pools, tennis courts and playgrounds. The seller, Federal Capital Partners (FCP), originally purchased the portfolio in 2009 for $43.6 million plus debt as part of its acquisition and privatization of American Community Properties Trust, which formerly traded on the New York Stock Exchange under the symbol APO. That acquisition included 11,000 residential units and 5 million square feet of commercial development, mostly in St. Charles and Puerto Rico. FCP has been repositioning and selling portions …

April 3, 2018

Market Reports Maryland Office Southeast Southeast Market Reports

Sustained Job Creation Translates to Excellent Health of Baltimore Office Market

by John Nelson April 2, 2018

It is a simple formula: No metropolitan region can achieve extended economic growth without a healthy job market that is sustainable over the long-term. The greater Baltimore region has been able to accomplish just that — especially over the past two years, starting when a new governor was installed in Maryland. The State of Maryland’s rallying cry “We’re open for business” is putting its money where its mouth is with the generation of more than 135,000 new jobs since the start of 2015, and the state unemployment rate dipping to 3.8 percent, which makes it substantially lower than the national average of 4.4 percent. As an official with the Maryland Department of Commerce so accurately stated at our company’s year-end market update, Baltimore is known for having three famous birds: the Ravens, Orioles and — with all the construction underway — cranes. Momentum has been achieved with the continued distancing of the state’s previous “business unfriendly” reputation, the influx of institutional money targeting the region, its immediate proximity to the Nation’s Capital, a highly educated labor base and a diverse business economy led by the medical, high-technology and educational institution sectors. And, the most telling barometer of all is where …

April 2, 2018

Leasing Activity Maryland Office Southeast

Rock Creek Signs Pharmaceutical Company to 119,000 SF Lease for Suburban Maryland Headquarters

by Camren Skelton March 27, 2018

GAITHERSBURG, MD. — Rock Creek Property Group has leased the entire building at 700 Quince Orchard Road in Gaithersburg to Supernus Pharmaceuticals. The company, which specializes in therapies for central nervous system diseases, will utilize the 119,000 square feet for its new company headquarters. Rock Creek Property Group and Woodside Ventures acquired the building in 2015, and will convert the space into Class A lab and office space with a first floor indoor parking structure. The owners expect to complete the renovation in mid-2019. The building is part of a 13-acre parcel of land that will eventually include roughly 150 townhomes. Supernus Pharmaceuticals will relocate from its current location at 1550 E. Gude Drive in Rockville, Md. Edge Commercial represented Rock Creek Property Group in the lease negotiations, and Scheer Partners represented Supernus.

March 27, 2018

Maryland Office Southeast

TIER REIT Sells 280,000 SF Office Building in Baltimore for $60M

by Camren Skelton February 16, 2018

BALTIMORE — Dallas-based TIER REIT has sold 500 East Pratt, a 280,000-square-foot office building in Baltimore, for $60 million. Boca Raton, Fla.-based Morning Calm Management acquired the 13-story building, according to the Baltimore Sun. The building was constructed in 2005 and was 93 percent leased at the time of sale to tenants such as CohnReznick LLP, Saul Ewing, Deloitte, JLL, UBS and McGuire Woods. The sale marks TIER REIT’s exit from the Baltimore market, and reduces the number of markets in which the company operates to six.

February 16, 2018

Hospitality Loans Maryland Southeast

Cronheim, GEM Arrange $20.8M Construction Loan for New Hotel in Coastal Maryland

by Camren Skelton February 9, 2018

OCEAN CITY, MD. — Cronheim Hotel Capital (CHC) and GEM Equity Markets (GEM) have arranged a $20.8 million construction loan for Cambria Resorts & Conference Center, a 133-room hotel that will be constructed on North First Street in Ocean City. CHC and GEM arranged the two-year loan through a consortium of Maryland-based credit unions on behalf of the developer, a joint venture between Ocean City-based Pinnacle Hospitality Solutions and Philadelphia-based The Wankawala Organization. Choice Hotels International Inc., owner of the Cambria brand, granted a 30-year franchise to the hotel developers.

February 9, 2018

Loans Maryland Multifamily Seniors Housing Southeast

Brightview Receives $43.6M Loan from SunTrust to Finance New Seniors Housing Project in Metro D.C.

by Camren Skelton February 1, 2018

BETHESDA, MD. — Brightview Senior Living has received a $43.6 million construction loan from SunTrust Bank to finance the development of Brightview Bethesda Woodmont, a seniors housing community in Bethesda, roughly seven miles north of Washington, D.C. The community will include 112 private and semi-private apartment units — 91 for assisted living and 21 for Wellspring Village, Brightview’s specialized neighborhood for people with Alzheimer’s and other forms of dementia. The community will offer studio, one- and two-bedroom apartment homes and feature rooftop dining, a sloped floor theater, fitness area, salon/spa services and an activity room with full-scheduled programming. Bethesda Woodmont, which marks Brightview’s 40th community since 1999, is expected to create more than 100 jobs. The project is slated for completion by summer 2019.

February 1, 2018

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