O wners , D evelopers & M anagers
Real Estate Journal — Section B
www.marejournal.com
M id A tlantic
ashington, DC — Lima Hotels, a new company es- Design team, composed of PGN Architects and Gordon & Greenberg, is already on board Habte Sequar to develop a 14-story building on the corner of 4th & K Sts., NW in downtown DC W
unnamed hotel. An architec- tural design team, composed of PGNArchitects andGordon & Greenberg , already is on board. The site at 317 K St., NW is located within the 15-square- block Mount Vernon Triangle in Washington’s East End. A small commercial building and auto body shop on the site will be demolished. The Mount Vernon Triangle neighborhood now has nearly 3,000 residential units, 1.2 million s/f of office space, and 150,000 s/f of retail space. Nearly 1,000 new apartments, 1.8 million s/f of new office space, and another 157,000 s/f of retail space are planned. n
HI-LIGHTS N ov . 27 - D ec . 10, 2015 Lima is in the process of identifying a management company and flag for the as yet Q&A: Mediacom’ s custom design HQ is exceeding expectations tablished by Washington, DC developer Habte Sequar , plans to develop a 14-story building on the corner of 4th and K Sts., NW in downtown DC. Scheduled to break ground in mid-2016, the high-rise structure will have 200 hotel rooms on the first through 11th floors, topped by 30 apartment homes on the 12th through 14th floors.
4th and K Sts., NW
Redwood Realty Advisors closes sale of two apartmentproperties inHackensackfor$16.4m
Hackensack, NJ — Redwood Realty Advisors has completed the sale of two apartment properties in Hack- ensack. Combined the two properties included 99 units and sold for $16.4 million. Red- wood Realty Advisors repre- sented the seller, Rose Realty Inc. , in the transaction. “This sale once again il- lustrates the tremendous buyer demand that exists in the current market for well- located apartment assets,” said Thomas McConnell, CCIM , managing partner at Redwood Realty. The sale price translates to a very ag- gressive 5.1 percent cap rate and $165,000 per door, and there were multiple bidders who were interested in these properties, he added. The sale included the 46- unit Driftwood Apartments at 30 2nd St. and the 53-unit El Dorado Apartments at 240 Anderson St. in Hackensack. Both properties were built in 1975 and the new owner plans to reposition the properties. The Redwood Realty transac- tion team included McConnell, managing partner Kevin McCrann and investment as- sociates Michael Scrima and Jeremy Wernick .
2B
Design/ Build Construction Management
7-14B
Driftwood Apartments
BridgeDevelopment Partners aquires 103-acre site for dev.
24B
www.marejournal.com ALSO INSIDE DavidGoldfisher, The Henley Group, Inc.........................3B Green Buildings........15-19B USGBC.............................19B NJAA................................22B IREM...........................20-21B
El Dorado Apartments
Seller Rose Realty recog- nized that it was an opportune time to take advantage of the current market conditions. “We have known Tom and
Kevin for years and there was never a doubt they would deliver with best in class service. Redwood garnered multiple offers from private
and institutional buyers and handled the process like true professionals,” said Val Na- sano , property manager, at Rose Realty. n
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