12A — July 23 - August 19, 2021 — Financial Digest — M id A tlantic Real Estate Journal


F inancial D igest

Oxon Hill, MD complex under contract within a twelve-day period Bensahel of Eastern Union secures $42M sale of 254-unit multifamily property in DC Area

O XON HILL, MD — Alex Bensahel , the director of the Invest- ment Sales Division for the Mid-Atlantic Group of East- ern Union , has arranged the $42 million sale of Portabello Apartments, a 254-unit mul- tifamily complex located in Oxon Hill in the Washington, DC metropolitan area. Bensahel, who joined the firm just under two years ago, advanced the deal un- usually quickly: he succeeded in putting the off-market transaction under contract within twelve days of hav- ing provided a full packet of

said, was also attributable to Eastern Union’s market knowledge, along with the company’s financial and un - derwriting capabilities. “Eastern Union was able to leverage our deep con- nections within the region, combined with our company’s national database of inves- tors,” said Bensahel. “This powerful combination of re- sources enabled us to gener- ate enormous interest in this transaction.” “Concluding a sale of this magnitude requires a keen understanding of investment market dynamics, and that’s the kind of know-how Alex Bensahel brings to the table,” said Ira Zlotowitz , Eastern Union’s president and co- founder. “And Alex closed this deal with remarkable speed. Eastern Union has high expectations for his fu- ture in this specialized and sophisticated market space.” “With the help of my East- ern Union colleagues in the Mid-Atlantic office, we were able to swiftly close this sale on behalf of our client,” said Bensahel. “With the com- pany’s continued support and encouragement, we’re hopeful about delivering new closings in the months to come.” MAREJ creasing/decreasing rental payments. In a nutshell, the purpose of Section 467 is to stop landlords and tenants from taking advantage of income and deduction timing differences between accrual and cash basis taxpayers. In a manner of speaking, land- lords generally try to delay recognizing rental income, while tenants try to acceler- ate rent expense. Section 467 puts both the landlord and tenant on the same terms for recognizing income and deductions regardless of their accounting methods. Substan- tial lease modifications need to be retested under Section 467. A lease modification is considered substantial if the legal rights and obligations that are altered under the lease are economically sub- stantial based on facts and circumstances. Ashley Kettler, CPA is a tax senior manager at Withum. MAREJ continued from page 11A Tax Consequences of Lease . . .

director Marc Tropp and managing director David Merkin . “To establish longevity in the market, those of us at Eastern Union abide by a certain set of principles: honesty, transparency and accountability,” said Ben- sahel. “We’ve been growing exponentially, and there’s no better way to expand than to work collaboratively with partners like Marc Tropp and David Merkin. We benefit by sharing a singular level of teamwork and cooperation.” The success of the Oxon Hill transaction, Bensahel

Portabello Apartments

transaction documents to the buyer. According to CoStar , the price of the transaction set a new record as the highest price per door of any multi-

family property sale in the history of Oxon Hill. Bensahel gave a special acknowledgement to two col- leagues in the firm’s Mid-At - lantic office: senior managing

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