Virginia

WashREIT Agrees to Sell Eight Retail Assets, Increases Focus on Multifamily Sector

by Alex Tostado June 27, 2019

WASHINGTON, D.C. — WashREIT (NYSE: WRE) has agreed to sell five of its retail properties for $485 million, plus an additional three power centers, as part of a strategic move to increase its investment in the multifamily sector. The buyers are two undisclosed institutional investors. The first sale agreement includes five retail properties totaling 800,000 square feet. Those assets include Gateway Overlook in Columbia, Md.; Wheaton Park in Wheaton, Md.; Olney Village Center in Olney, Md.; and Bradlee Shopping Center and Shoppes of Foxchase in Alexandria, Va. The second transaction includes three Maryland properties spanning 850,000 square feet. The properties are Centre at Hagerstown in Hagerstown, and Frederick Crossing and Frederick County Square in Frederick. WashREIT said it will disclose the sales price of the second transaction after the deal’s closure, which is expected to occur in late July. Simultaneously, WashREIT has agreed to acquire an urban-infill, value-add multifamily community for $70 million. Details about the property were not disclosed at this time. Earlier this year, WashREIT announced that it would acquire a portfolio of seven multifamily properties in the Washington, D.C. area for $461 million, thereby increasing its multifamily portfolio from 28 percent to 45 percent based on net …

June 27, 2019

Acquisitions Hospitality Southeast Virginia

Park Hotels & Resorts Sells Three Assets in Southeast, New Jersey for $166M

by Alex Tostado June 26, 2019

TYSONS, VA. — Park Hotels & Resorts Inc. has sold three assets for a total of $166 million, or $151,000 per room. The sold hotels include the 507-room Hilton Atlanta Airport; the 317-room Hilton New Orleans Airport; and the 274-room Embassy Suites Parsippany in Parsippany, N.J. The three properties had a combined $109 million RevPAR in 2018, which was 37 percent less than Tysons-based Park Hotels’ 2018 portfolio average. The buyer(s) was not disclosed.

June 26, 2019

Acquisitions Industrial Southeast Virginia

Equus Capital Acquires 1.8 MSF Industrial Portfolio, 500 Acres in Hampton Roads

by Alex Tostado June 26, 2019

PHILADELPHIA — An affiliate Philadelphia-based Equus Capital Partners has acquired a five-property industrial portfolio and 500 acres of developable land in Virginia’s Hampton Roads region. The five buildings total nearly 1.8 million square feet. Three of the buildings, 1006, 1010 and 1020 CenterPoint Drive in Suffolk, were developed between 2011 and 2017 as build-to-suits. The buildings are fully leased and the original tenants remain. The portfolio also includes 3516 S. Military Highway in Suffolk, which was built in 2007, and 375 Kenyon Road in Chesapeake, which was built in 2008. A third-party logistics provider occupies the buildings, both of which service the Port of Virginia. The 500 acres of land is located near CenterPoint Drive and can support up to 5 million square feet of industrial space. A sales price and seller(s) were not disclosed.

June 26, 2019

Development Multifamily Southeast Student Housing Virginia

Franklin Johnston, Virginia Wesleyan University Begin Construction on 244-Unit Student Housing Community

by Alex Tostado June 25, 2019

VIRGINIA BEACH, VA. — The Franklin Johnston Group and Virginia Wesleyan University (VWU) have broken ground on Coastal 61 at Oxford Village, a planned 244-unit apartment complex situated adjacent to the university. The new community will be located on a vacant site in Virginia Beach within an Opportunity Zone owned by the university. The property will offer one-, two- and three-bedroom floor plans ranging from 833 to 1,395 square feet. The asset is expected to be complete in 2020. Communal amenities will include a rooftop sky park, two-story clubhouse and a swimming pool. The housing community will be open to the public and is envisioned as a place for VWU students, faculty and staff.

June 25, 2019

Affordable Housing Development Multifamily Southeast Virginia

AHC to Break Ground on $48.3M Affordable Housing Development in Alexandria

by Alex Tostado June 17, 2019

ALEXANDRIA, VA. — AHC Inc. will break ground on The Spire, a 113-unit affordable housing development situated on a two-acre plot in Alexandria owned by Episcopal Church of the Resurrection. The Spire will include one-, two- and three-bedroom apartments, including 12 fully accessible homes, that will serve households with incomes ranging from 40 percent to 60 percent of the area median income (AMI). The Spire will cost $48.3 million to develop and has received funds from a number of local state and national sources, including $23 million in tax credit equity from the Virginia Housing Development Authority (VHDA), a $9.9 million loan from the City of Alexandria, a $1.3 million loan from Virginia/National Housing Trust Funds, a $500,000 loan from the Federal Home Loan Bank of Atlanta, a $11.5 million first trust loan from Capital One/Freddie Mac and $500,000 funding from NeighborWorks America. The City of Alexandria also provided a $350,000 rental assistance grant to make 12 apartments deeply affordable, which targets households making 25 percent to 35 percent of the AMI. The ground breaking is slated to take place Tuesday, June 18 at 3:30 p.m.

June 17, 2019

Development Mixed-Use Southeast Virginia

American Real Estate Partners Unveils $35M Redevelopment Plan for Rosslyn Metro Center in Arlington

by Alex Tostado June 12, 2019

ARLINGTON, VA. — American Real Estate Partners (AREP) has unveiled its plans to redevelop and rebrand the Rosslyn Metro Center in Arlington’s Rosslyn neighborhood. AREP began the $35 million project earlier this month. Rosslyn City Center is a 62,000-square-foot former mall located directly above the Rosslyn Metro Station. Completion is scheduled for third-quarter 2020. Rosslyn City Center is located at 1700 N. Moore St., three miles east of downtown Arlington and less than five miles from Amazon’s HQ2 campus. The redevelopment will include transforming the existing structure on the site, improving pedestrian accessibility, and adding a conference facility, flexible work space, a 30,000-square-foot fitness studio and an outdoor terrace. AREP will bring in Austin, Texas-based Oz Rey to manage a 12-stall food hall.

June 12, 2019

Acquisitions Multifamily Southeast Virginia

Berkadia Negotiates $14.6M Sale of Multifamily Community in Harrisonburg, Virginia

by Alex Tostado June 7, 2019

HARRISONBURG, VA. — Berkadia has negotiated the $14.6 million sale of Foxhill Townhomes, a 101-unit multifamily community in Harrisonburg. Foxhill Townhomes is located at 1627 Devon Lane, less than two miles from James Madison University. Community amenities include a playground, business center, swimming pool, clubhouse, picnic and barbecue areas, tanning salon, conference room and a residents’ lounge. The community was built in 1998 and was sold at a rate of $144,950 per unit to DD Foxhill LLC. David Hudgins and Alan Meetze of Berkadia represented the seller, THH II LLC, in the transaction.

June 7, 2019

Acquisitions Affordable Housing Florida Georgia Loans Multifamily North Carolina South Carolina Southeast Virginia

Bellwether Arranges $115M in Acquisition Financing for 12 Affordable Housing Communities in the Southeast

by Alex Tostado June 6, 2019

CLEVELAND — Bellwether Enterprise has arranged a total of $115 million in acquisition financing for 12 affordable housing communities in South Carolina, North Carolina, Georgia, Florida and Virginia. The borrower, Atlantic Housing Foundation Inc., used the financing to purchase the 1,776-unit portfolio. The South Carolina communities include Shemwood Crossing Apartments in Greenville, Boulder Creek Apartments in Greenville, Crescent Hill Apartments in Spartanburg and Spring Grove in Taylors. The Virginia communities include James River Crossing in Lynchburg, Gretna Village Apartments in Gretna and Afton Gardens Apartments in Roanoke. The North Carolina properties are Timber Ridge Apartments in Charlotte, Cedar Moor Apartments in Raleigh and Brentwood Crossing in High Point. Brittany Woods & Park Chase Apartments in Valdosta, Ga.; and Temple Court in Miami were also included in the acquisition. Bellwether Enterprise arranged the financing in three transactions and arranged a $14.5 million bridge loan through Tilden Park Capital Management LP for the acquisition of Shemwood Crossing. The Cleveland-based mortgage broker also arranged the equity needed for the purchases of James River Crossing and Gretna Village Apartments, which Atlantic Housing Foundation used to assume existing loans from the Virginia Housing Development Authority. The remaining nine properties were financed through a $69.6 million, 10-year, fixed-rate Freddie Mac loan. Phil Melton of Bellwether Enterprise arranged the …

June 6, 2019

Acquisitions Net Lease Retail Southeast Virginia

Consolidated-Tomoka Land Buys Metro D.C. Retail Asset Leased to 24 Hour Fitness for $21.3M

by John Nelson May 30, 2019

FALLS CHURCH, VA. — Consolidated-Tomoka Land Co. has purchased a 46,000-square-foot retail property in Falls Church for $21.3 million. The store has nine years remaining on its lease to 24 Hour Fitness and includes rental escalations. The property is also zoned for up to four stories and multiple uses, including residential. Consolidated-Tomoka Land bought the store in a 1031 exchange using proceeds from an $18.3 million sale of a 112,000-square-foot store in Winter Park, Fla., that is also leased to 24 Hour Fitness. The property includes a 1.6-acre outparcel that is under a 20-year ground lease to Wawa. Consolidated-Tomoka Land is a Florida-based, publicly traded real estate investor that owns approximately 2.3 million square feet of income properties in diversified markets in the United States, as well as more than 5,300 acres of land in its home market of Daytona Beach.

May 30, 2019

Acquisitions Multifamily Southeast Virginia

Colliers Brokers $9M Sale of Apartment Complex in Charlottesville

by Alex Tostado May 29, 2019

CHARLOTTESVILLE, VA. — Colliers International has arranged the $9 million sale of Carrollton Terrace Apartments, a 24-unit multifamily property in Charlottesville. The community offers two-, three- and four-bedroom floor plans, was built in 2005 and is situated one mile from the University of Virginia off Jefferson Park Avenue. Charles Wentworth, Hank Hankins, Rawles Wilcox, Victoria Pickett, Clay Ellis and Will Mathews of Colliers represented the seller, BRJ Virginia LLC, in the transaction. Carrollton Terrace LLC, an affiliate of Flag Holding LLC, purchased the property.

May 29, 2019

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