6C — March 19 - April 15, 2021 — The Best of 2020 — M id A tlantic Real Estate Journal www.marej.com The LARGEST MULTIFAMILY SALE of 2020 NorthMarq Waverton Virginia Portfolio Richmond, VA Gebroe-Hammer Associates The River Club Edgewater, NJ Greysteel Company Rittenhouse Apartments Washington, DC
Size: 208 Units Brokers: Kyle Tangney, Herbert Schwat andAri Firoozabadi The Rittenhouse, located at 6101 16th Street NWWashington, DC, is an iconic high-rise, multifamily community featuring amenities such as a resort-style swimming pool, 24-hour fitness center, luxurious club room, modern business center, and a game room. The Property further differentiates itself by offering the largest floor plans in the submarket with units averaging 158-275 s/f larger than comparable properties. Greysteel represented Nuveen Real Estate in the sale of the building to Swedish investor Akelius, for $40.2M, a record price for the submarket. The new owners intend to implement a European-style upgrade to the property in the near term. Kyle Tangney Herbert Schwat Ari Firoozabadi
Size: 266 units Brokers: Joseph Brecher, Executive Managing Director A New Jersey Gold Coast property built in 1998 and sold in 2020 for $126.25+M, The River Club is an amenity-rich apartment-rental community in the heart of one of the top- performing, highest-barrier-to-entry apartment markets in the nation. The single-building, 4-story property features a mix of 1BR & 2BR units (800-1200 s/f) with 1.5-2.5 baths. The November, 2020 sale, which garnered an astounding $474,624 per unit price, presents the unnamed buyer with the opportunity to elevate The River Club’s asset-class category and compete for premium rents and the area’s sophisticated tenant base.
Size: 1,063 Units Brokers: Mike Marshall, Managing Director; Wink Ew- ing, Managing Director; Ryan Rilee, Associate The Richmond office’s most notable transaction was the $167 million sale of the Waverton Virginia Portfolio. The four- property portfolio, located in the Richmond and Hampton Roads markets of Virginia, contained a total of 1,063 units. NorthMarq represented the seller, WavertonAssociates, Inc., a Portsmouth Virginia based developer. The buyer was CA- PREIT, a large regional investor with a substantial presence in the Virginia markets.
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