O wners , D evelopers & M anagers

Real Estate Journal — 15A


M id A tlantic

Ashton Creek consists of 26 three-story, garden-style buildings on 26 acres Marcus & Millichap’s Washington, D.C. office arranges sale of apartment property for $23m C trict manager, is Marcus & Millichap’s broker of record in Virginia.

adjacent apartment property and will benefit from certain economies of scale and the opportunity to enhance value in this growth-oriented rental market.” Chadwick, along with Ian Ruel , associate, Dawson Rinder , associate and Josh Feldman , associate vice president investments, all in Marcus & Millichap’s Wash- ington, D.C. office, had the listing to market the prop- erty on behalf of the seller, a private investor. The buyer, a real estate investment trust, was also procured by Chadwick, Ruel, Rinder and Feldman. Bryn Merrey , first vice president and dis-

HI-LIGHTS J an . 29 - F eb . 11, 2016 “The previous owner held Ashton Creek for 10 years,” said Christopher Chad- wick , senior associate in Mar- cus &Millichap’s Washington, D.C. office. “Current market conditions, especially debt markets, influenced the deci- sion to sell and determined the pricing. The purchaser has an Redwood Realty Advisors kicks off 2016 with Bogota sale HESTER, VA — Mar- cus & Millichap has arranged the sale of Ashton Creek, a 232-unit apartment property in Ches- ter. The $23 million sales price equates to more than $99,000 per unit.

buyer. A New York fund owned the property and sold it through a 1031 tax-deferred exchange, Bobincheck said. The Bard Townhouses were built in 1988 and were about 99 percent occupied at the time of the sale. The units each have two to four bedrooms. "Things like this don't happen often," Bobincheck said, referring to the size of the property and its location, which is across from Shippensburg University. Over the last year, the previous owner had overhauled about 70% of the complex, upgrading kitchens and installing new Wi-Fi. n ket,” said Todd Summerfield , senior director of leasing and development for Liberty. “De- livering 216,000 s/f of new class A product on the doorstep of Washington D.C. will help sat- isfy active demand for modern facilities with immediate access to the metropolitan market.” Washington Gateway Lo- gistics Center is situated in a prime location one mile from Washington, D.C. with imme- diate access to Rt. 50, I-295, I-495/I-95. n Built in 1991, the garden- style apartment property is located at 4201 Creek Way in Chester, which is a suburb of Richmond. The Brecken- ridge Shopping Centre, the Chester Library, and the Chester Fine Arts Center are all within three miles of the community. Ashton Creek consists of 26 three-story, garden-style one- , two-, and three-bedroom apartment buildings on 26 acres. Community amenities include a pool, clubhouse, tennis courts, volleyball courts, and a fitness center. n

Ashton Creek

Landmark Commercial Realty reps. buyer in $15.2 million sale of 173-unit, 458-bed complex

Shippensburg, PA — Landmark Commercial Re- alty, Inc. / TCN Worldwide , A group of limited partner- ships connected to Cumberland County developer Dan Deitch- man has paid $15.2 million to buy Bard Townhouses, a student housing complex near Shippensburg University. The all-cash deal for the 173- unit, 458-bed complex at 100 Bard Dr. in Shippensburg Twp. settled within 60 days. Senior agents Drew Bobincheck, CCIM and Chuck Heller of Landmark Commercial Realty, Inc. / TCN Worldwide Real Es- tate Services, represented the Landover, MD — Liber- ty Property Trust has broken ground on a 216,000 s/f, class A distribution building at 1500 Claybrick Rd. in Landover. When completed in the third quarter of 2016, Washington Gateway Logistics Center will bring Liberty’s industrial port- folio in the region to 24 build- ings totaling more than four million s/f . “Liberty continues to grow our industrial platform in the Baltimore/Washington mar-


Gebroe-Hammer Associates arranges $175 million trade

Bard Townhouses

Liberty Property Trust breaks ground on a 216,000 s/f distribution building in Landover, Maryland


Property Management

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