M id A tlantic R eal E state J ournal ’ s M ultifamily D evelopment S potlight
M id A tlantic Real Estate Journal — May 15 - 28, 2020 — 5A DBMC served as architect for DC project The UIP raises $9.8Mon CrowdStreet in +2 hrs.
ORFOLK, VA — Col- liers International has closed two major AxiomRealty Ptrs. sellsMaple Ridge &West CreekManor Colliers Int'l. reps. Aria Legacy Group in multifamily sales N
multifamily sales on behalf of Aria Legacy Group in Cen- tral and Southwest VA. Maple Ridge, located at 600 Reusens Rd. in Lynchburg, was sold to Axiom Realty Part- ners based in Westport, CT. The community includes 152 units in a scenic location near Lynchburg’s historic district and high-end residential area. Originally built in 1981, Maple Ridge offers a complete amenity package. “These sales are a testa- ment to our team’s dedication to providing quality service to our clients across the Virginia,” said G.S. (Hank) Hankins , se- nior vice president with Colliers International. “This corridor is getting a lot of interest from out-of-market investors.” Maple Ridge is located near Liberty University, the Univer- sity of Lynchburg, Randolph College and Virginia Episcopal School with total enrollment in excess of 18,000. With a small percentage of student tenants, opportunity exists to grow the student renter base. West CreekManor, located at 410 Westside Blvd. NW in Roa- noke, was sold to Woodrock Property Group . The com- munity was built in 1974 and renovated in 2010. It comprises 197 units that have benefited from exceptional maintenance and capital investment. It is located less than a mile to Salem VA Medical Center and three miles from Lewis-
Maple Ridge in Lynchburg
to lease the remaining market- rate units as they become available. DBMC served as architect for the adaptive reuse project. Background on project capi- talization: • $9.8 million CrowdStreet investors’ equity • $18.7 millionmortgage loan from insurance company • Proceeds from sale-lease - back of the land “This was our second of- fering on the CrowdStreet Marketplace and it apparently could not have come at a better time. We sold out our offering in less than 24 hours during a tumultuous period for the stock market in the midst of the coronavirus crisis," said Steve Schwat , principal with The UIP Companies, Inc. “Frequency is a class A prop- erty and our most contempo- rary apartment community to date. We see investors’ bullish- ness in the property as a flight to quality, a flight to real prop - erty, and a sign that serious investors are allocating more capital to real estate.”
WASHINGTON, DC — UIP Companies, Inc. acquired 4000 Brandywine St., NW in 2016, and converted the office building to multifamily in a creative adaptive reuse project. UIP has recapitalized the project with $9.8 million in crowd-sourced equity capital raised on CrowdStreet from 225 individual investors. Sepa- rately, the sponsor has obtained a new mortgage loan and a ground lease on the property. Barely 24 hours before the online fundraising window opened, the Dow Jones Indus- trial Average recorded its worst one-day point drop in history, the S&P 500 finished down nearly 12% and the Nasdaq Composite ended down 12.3%. 4000 Brandywine, known as Frequency apartments, is now a 50,000 s/f property (increased from 36,000 s/f) on the east side of Wisconsin Ave. The build- ing has 100 units. The Ten- leytown submarket is supply constrained. American University leases 88 of the 100 units under a master lease and has the right
Maple Ridge in Lynchburg
West Creek Manor in Roanoke
Gale Medical Center, employ- ing more than 4,500 people. West Creek Manor occupies a strategic location adjacent to the city’s main thoroughfares with easy access to downtown Roanoke, major retail hubs, key employment nodes and local amenities. Per CoStar , Roanoke is ex- periencing tremendous rent growth with average effective rent of $852 and year-over-year
rent growth of 6.2%. G.S. (Hank) Hankins, se- nior vice president; Victoria Pickett , first vice president; Charles Wentworth , senior vice president; Will Mathews , managing director; Rawles Wilcox , senior vice president; Clay Ellis , associate; and Gar- rison Gore , associate, with the Colliers Mid-Atlantic Team represented the seller, Aria Legacy Group.
INSIDE: Gebroe-Hammer Associates................................................. 6-7A Mark Duszak, Rittenhouse Realty Advisors............................8A Michael Wagoner, Quadrangle Development Corporation.....9A
Chuck Savage, JC Elite Construction Services, LLC...........10A Bruce E. Gudin, Esq., Ehrlic, Petrillo, Gudin & Plaza, P.C.. .11A RENTCafe.com.........................................................................16A Multifamily Development Service Directory..........................17A
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