M id A tlantic Real Estate Journal —November 19 - December 23, 2021 — 3A
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Ewing, Marshall, Straughan and Alcorn collaborate to arrange multifamily property sale NorthMarq brokers $27.25 million sale of The Gallery Midtown in Richmond, Virginia
R ICHMOND, VA — NorthMarq’s Rich- mond investment sales team of Wink Ewing, man- aging director, Mike Mar- shall , managing director, Matt Straughan , associate, and Jared Alcorn , analyst, collaborated to arrange the $27.25 million sale of The Gallery Midtown. Richmond- based Levco Management acquired the property from Utah based Peak Capital Partners . The 157-unit/three-story class B+ multifamily property, located at 308 North Nanse- mond Street in Richmond, Virginia, was built in 1938 and was extensively renovated in by the previous seller, Spy Rock Real Estate Group. Peak Capital Partners, for whom NorthMarq arranged the sale, purchased the property in 2018. “The Gallery Midtown was a compelling opportunity for our company to acquire an DISTRICT HEIGHTS, MD — Marcus Partners , a real estate investment, manage- ment and development firm, today announced the strategic acquisition of D’Arcy Industrial Center in District Heights. Adding to its acquisition of two industrial buildings located in Beltsville completed in June, the firm continues to expand its industrial portfolio in the region. D’Arcy Industrial Center is comprised of two small-bay industrial buildings totaling over 182,000 s/f and includes an adjacent, fenced 1.5-acre parcel of land utilized for in- dustrial outside storage. At the time of acquisition, the buildings are 100% leased with near-term rollover. Lo- cated adjacent to the Capital Beltway, the property provides easy access to major popula- tion and employment demand centers including Washington, D.C., Northern Virginia, and
hicles over the next two years. The property benefits from a central downtown location in the Museum District within walking distance to Scotts Ad- dition, Carytown and The Fan. Other conveniently located and walkable attractions include numerous museums, banks, grocery stores, shopping, din- ing and entertainment options. Along with its unique walkabil- ity, the property provides easy access to I-195, U.S. 250 and the Downtown Expressway. The sale of The Gallery Midtown is part of a trend of transaction activity accelerat- ing through the first half of 2021. Second quarter proper- ties sold was more than double the pace established in the first quarter, and third quarter will strong as well. NorthMarq’s Q2 Richmond Market Report noted that developers are slat- ed to deliver approximately a dozen new apartment projects totaling more than 1,500 units by year end. MAREJ
other exterior, common area, and amenity upgrades tar- geted at improving the prop- erty’s curb appeal and overall experience for the residents,” said Jared Levin , managing partner of Levco Management. Levco’s acquisition of The The Gallery Midtown
incredibly well-located and unique asset right in our own backyard. Over the next two years, we will be executing a property-wide renovation plan that will enhance the finishes and efficiency of the apartment interiors in addition to several
Gallery Midtown comes off the recent closing on its value- add focused multifamily fund, Levco Multifamily Fund I, LP. Levco has plans for $300-400 million of multifamily acquisi- tions and renovations through its fund and co-investment ve-
MarcusPartnersDistrictHeights acquisitionexpands firm’s industrial portfolio to 3.5 Million Square Feet
D’Arcy Industrial Center
Maryland. “D’Arcy Industrial Center presents an opportunity to capture positive market mo- mentum by institutionalizing an infill industrial product
with desirable attributes,” said Andrew Dolinsky , principal at Marcus Partners. “This ac- quisition serves to continue our long-history of targeting value- add investments and furthers
our growth in the Washington D.C. Metropolitan area.” CBRE’ s Bo Cashman and Jonathan Beard led the acquisition/sale process. CBRE’s David Webb, Justin
Glasgow , and Curtiss Telf- er led the financing process. CBRE’s Michael Elardo, Jar- ed Ross , and Kevin O’Neil will lead leasing efforts at the property going forward. MAREJ
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