7-26-19

6B — July 26 - August 8, 2019 — Owners, Developers & Managers — M id A tlantic

Real Estate Journal

www.marej.com

O wners , D evelopers & M anagers

INSTON-SALEM, NJ — The Bedrin Organization has The Glen Rock based real estate developer paid $17.75 million for the 169-unit complex NJ's The Bedrin Organization enters the Triad housing market with purchase of Hilltop House W

involved in reasonably priced housing,” said Bedrin. “Teach- ers, nurses, med tech workers, there is workforce housing that is needed in downtown and we want to provide something that is reasonably priced and fair.” Bedrin acknowledged that buying an apartment complex is a departure for his company, but he said that it’s in line with his business philosophy: Don’t be an out-of-town, out- of-sight, buy-and-sell-quickly- and-move-on developer. “We’re known for good shop- ping center development in the Triad, because we bought our first property there in April 2007 and we’ve held onto it,” said Bedrin. “We want to be- come known for providing good reasonably priced housing in the Triad as well. “With our retail centers, we treat our tenants like our cus- tomers, because their success is our success. It’s the same with housing: the success of our ten- ants, whether they are college students, starting a career as a healthcare worker or teacher, or wherever they may be in life, is our success and to a larger extent, contributes to the suc- cess of the community.”  Marvasi, Candelora and Garcilazo-Ceja join Landmark NEWARK, DE — Keith Rudy , executive vice presi- dent of Landmark Science & Engineering announced three technical staff mem- bers have joined the civil engineering department. Civil engineering designers J o- seph Corrado Marvasi and Antonio “Tony” Cande- lora , and civil CAD technician Randy Garcilazo-Ceja , add knowledge, experience and additional capacity to the en- gineering design team to assist in completing the company's high-profile projects. Marvasi earned a Masters of Civil Engineering with a concentration in Environmen- tal Engineering and Water Resources in June at Norwich University. Candelora earned a Bach- elor of Science in Civil Engi- neering at Temple University in 2016. Garcilazo-Ceja attends Del- aware Technical Community College and expects to earn an Associate of Applied Science in Civil Engineering Technology next spring. 

The complex is in three sepa- rate buildings. The first was built in 1962 as a Holiday Inn motel, later became a Best Western and was then com- pletely converted in 2011 and 2012 into 54 units. The second, the North Tower, was built in 2012 with 50 units. The South Tower was built in 2014 using pre-fabricated pod components, adding 65 units. “We are excited about where downtown Winston-Salem is going, with the arts and the culture that is there, with the Innovation Quarter,” said Bed- rin. “We want to make sure that there is a reasonably priced

option for housing downtown.” “There is nothing in down- town Winston-Salem that has been renovated to modern standards that is under $1,000 in rentals,” said Bedrin. “New construction is running be- tween $1,000 and $1,500. We are, on average, below $1,000 and that’s where we want to stay. It’s a good spot to be at.” The Bedrin Organization is committing $127,000 as part of the Fannie Mae Green Rewards program to reduce electric and water usage on the property. “There is excellent growth downtown and we want to be

p u r c h a s e d the Hilltop House Apart- ments, 241 South Cher- ry St., from L.M. “Bud” Baker , the retired CEO and cha i r - man of Wachovia Corp.

Hilltop House Apartments oversees acquisitions, leasing and investor relations for his family’s company. Meridian Realty Group of Winston- Salem represented both buyer and seller and will serve as the property manager.

Garret Bedrin

The Glen Rock, NJ based real estate developer paid $17.75 million for the 169-unit complex in a deal that closed July 8, ac- cording to Garret Bedrin , who

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