Real Estate Journal — Owners, Developers & Managers — November 27 - December 10, 2015 — 5B
www.marejournal.com
M id A tlantic
O wners , D evelopers &M anagers Drane inDC office, had the listing tomarket the property Marcus &Millichap arranges the sale of a 50 unit portfolio
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ORTSMOUTH, VA — Marcus & Millichap announced the sale of Charlestowne Condominiums, a 50-unit condominium port- folio located in Portsmouth, according to Bryn Merrey , regional manager of the firm’s Washington, DC office. The portfolio closed for $3.2 mil- lion. Matthew Drane , senior associate in Marcus & Mil- lichap’s Washington, DC office, had the listing to market the property on behalf of the seller, a pri- vate investor. The buyer, an investment group out of Chicago, was procured by a vice president investments in the firm’s Raleigh office. “The success of this complex transaction speaks to the power of Marcus & Millic- hap’s nation-wide platform,” Drane said. “This portfolio of individual condominiums offered a unique investment opportunity, resulting in an unconventional deal structure that benefited both parties.” Charlestowne Condomini- ums, which includes a total of 240 units, are located at 1590 Darren Circle in the Cavalier Manor neighborhood of Portsmouth. The 50 units included in this transaction are a mix of two, three, and four bedroom self-contained condominiums. n P Wardzinski of BRAVO! recipient of BSCAI’s Wa l t e r L . Cook Award Green Brook, NJ — BRAVO! Group Services, one of the largest, privately-held facility support companies in the country announced that Frank Wardzinski of BRAVO! Group Services has been se- lected as the winner of this year’s BSCAI Walter L. Cook Award for Distinguished Ser- vice. This award is presented to the BSCAI member who has made outstanding con- tributions in furthering the programs and image of the association and the building service contracting industry. Wardzinski joined BRAVO! Group Services in 2001 as managing director. He was previously employed by Mon- arch Group Services as senior VP and has worked in the facility maintenance and se- curity industry since 1985. n
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MMSON_MidlanticRealEstate_B&W_2.24_Layout 1 2/24/15 2:09 PM Page 1 Charl stowne Condominiums
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