JV ACQUIRES HUNTERS POINT APARTMENTS

ARLINGTON, TEXAS — A joint venture between Baltimore-based Alex. Brown Realty (ABR) and Dallas-based Price Realty Corp. has acquired Hunters Point Apartments, a 272-unit, garden-style apartment community located in Arlington. The gated complex features a clubhouse, a business center, a fitness center, two pools, one tennis court and 487 surface parking spaces. The joint venture plans to continue a renovation plan initiated by the seller; ABR and Price will invest approximately $4,200 per unit over the next 2 years for interior renovations. ABR Chesapeake Fund III, a real estate investment fund sponsored by ABR, provided $5.9 million in equity to the venture for the purchase. Price will serve as the property management team for Hunters Point. The ABR and Price joint venture will also assume the property’s existing first mortgage loan with Bank of America. The fixed-rate, interest-only loan matures in May 2015.