O wners , D evelopers & M anagers

Real Estate Journal — Section B


M id A tlantic

Fannie Mae’s Green Building Program through Black at KeyBank Real Estate Capital Passco Cos. acquires Core 240-unit multifamily asset in Washington, DC Metro area for $69.5m A

with larger trends within the multifamily market, accord- ing to Goodman, who notes that the outstanding amenity spaces boast over 100 pieces of original art from over 40 locally commissioned artists. “The Millennial genera- tion continues to be a major driver in multifamily demand throughout the country. In fact, more than 57% of the cur- rent residents of The Shelby are Millennials under the age of 30 years old,” he said. “By acquiring a top-tier asset that caters to this demographic, we will be able to keep renter interest high, ultimately maxi- mizing our ROI in this asset.” Ryan Ogden , senior man- aging director with ARANew- mark represented Passco as the buyer and Insight Proper- ties as the seller in the trans- action. Financing was pro- vided by Fannie Mae’s Green Building Program through Chris Black at KeyBank Real Estate Capital. n Prospect West is a luxury sev- en story mid-rise apartment building with 45 residential units. The property contains 20 one bedroom units, 21 two bedroom units and four three- bedroom penthouses. There are 44 outdoor parking spaces and 18 garages. Upon closing, the purchaser embarked on a comprehensive capital improvement plan that includes the construction of a new lobby, installation of a new elevator and many other upgrades. Greenberg joined Kislak in 1999 and is consistently among the firm’s leading pro- ducers. He is a two-time past recipient each of the firm’s Production award and Sales- person of the Year award. Barry Waisbrod joined Kis- lak in 2001, is also consistently among the firm’s leading sales- people and was the recipient of the company’s 2013 and 2015 Sima Kislak Jelin Salesperson of the Year award. n

HI-LIGHTS M arch 25 - A pril 14, 2016 “The Washington D.C. met- ro is an investor’s dream,” said Gerber/Somma closes 24 unit apt. sale in Asbury Park, NJ 6B LEXANDRIA, VA — Passco Companies, LLC has acquired The Shelby, a core 240-unit mul- tifamily community in the prime Washington D.C. metro area of Alexandria, Virginia for $69.5 million. The class A property was completed in 2014 and is centrally located to provide unparalleled ac- cess to employment, retail and lifestyle amenities, according to Gary Goodman , senior vice president, acquisitions at Passco Companies.

The Shelby

WOODBRIDGE, NJ — The Kislak Company, Inc. announced the recent off- market sale of Prospect West, a 45-unit mid-rise luxury apartment building in Hack- ensack, Bergen County, New Jersey, for $9.35 million. Vice president Barry Wais- brod represented the seller and vice president Jonathan Greenberg represented the purchaser, JPManagement . Both the seller and purchaser are longtime Kislak clients. “The market for multifam- ily properties in New Jersey remains very strong, with demand far outweighing sup- ply,” said Robert Holland, president. “Bergen County is among the strongest submar- kets and wealthiest counties in the tri-state area with easy access to New York City and points throughout northern New Jersey. Hackensack is the most populous city in the county and the county seat. Demand for multifamily prop- Goodman. “This area provides strong actual and anticipated job growth, high income levels, a dynamic infrastructure and a highly educated workforce, all of which will continue to drive demand for The Shelby over time.” Goodman notes that the Washington D.C. metro leads the nation in jobs per capita, and is anticipated to add an

additional 43,800 jobs per year through 2018. The aver- age median household income for residents in the area is $107,000. In addition, the property is located within a half-mile radius of the Hun- tington metro station, Rte. 1 and I-495. “The tremendous ongoing growth throughout the region, coupled with the apartment

community’s close proximity to major transit and employment hubs will continue to increase property value and drive up market rents over time,” said Goodman. “The result will be increased long-term cash flow and stronger returns.” The Shelby’s unique design and high quality amenities cater to the Millennial gen- eration and are well-aligned

Kislak’s Waisbrod & Greenberg complete $9.35m off-market sale of Prospect West

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Prospect West

“The purchaser had this property on his ‘watch list’ for many years. When he did not purchase it when Kislak previously had it for sale, he utilized his longstanding rela- tionship with us to ensure this purchase,” said Greenberg. Constructed in the 1970’s,

erties there is extraordinary. Barry and Jon did an excellent job arranging this off-market sale.” “The seller was eager take advantage of the booming market in northern New Jer- sey for multifamily proper- ties,” said Waisbrod.

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