3-25-16

Real Estate Journal — Owners, Developers & Managers — March 25 - April 14, 2016 — 5B

www.marejournal.com

M id A tlantic

O wners , D evelopers & M anagers

Plans to build 142-suite retirement residence ColliersInt’l. reps. sellerinland site purchase totaling $1.8m

CapitolHeights, MD — Greysteel has arranged the sale of Crest Apartments, Four building 44-unit apt. community Greysteel arranges the saleofCrestApartments to 5225 Marlboro Ventures, LLC.

len Mills, PA — Colliers Internation- al represented Wyn- newood Development, Inc. in the sale of four acres of land at Brinton Lake Corporate Center in Glen Mills. The site was sold for $1.8 million to an affiliate of Hawthorn Devel- opment, LLC of Vancouver, WA. Hawthorn plans to build a 142 suite retirement resi- dence with an opening date of 2017. The independent living facility will cater to seniors looking for an all-inclusive lifestyle. The monthly rental fee includes three meals a day, transportation, and activities among other amenities. The community will feature a dining room, bistro, theater, fitness center, and salon. Richard Weitzman of Col- liers International represented the seller, Wynnewood Devel- opment, in this transaction. n G Marcus &Millichap announces DC apt. trades in complex Topa deal WASHINGTON, DC — Marcus & Millichap an- nounced the sale of 3101 Sherman Ave. NW, a 21-unit apartment building located in the Northwest quadrant of Washington, DC, according to Bryn Merrey , regional man- ager of the firm’s local office. The asset sold for $2.1 million, exactly $100,000 per unit. The buyer was secured and represented by Abdo Roffe , investment specialist, and Marty Zupancic , VP invest- ments, both in Marcus & Mil- lichap’s DC office. “Due to the tenants’ decision to utilize their rights under the Tenants Opportunity to Pur- chase Act (TOPA), this was a complex deal in which we nego- tiated for nine months,” Roffe said. “The agreed upon tenant vacate deal was a positive development for all parties, from the buyer and seller to the tenants and the attorneys.” The property, which totals 15,560 s/f, is located at 3101 Sherman Ave NW in the Co- lumbia Heights neighborhood of Washington, DC. Totaling 21 units, the property consists of five studios and 16 one- bedroom apartments that held mostly long-term tenants. The Columbia Heights metro sta- tion, which is serviced by the green and yellow line, as well as its adjacent retail options. n

“Crest Apartments pre- sented an opportunity for 5225Marlboro Ventures, LLC to immediately step into a stable income producing mul- tifamily property which had been well maintained over the years,” said Greysteel se- nior director, W. Kyle Tang- ney . “The acquisition made a great amount of sense to the buyer who was seeking to expand their footprint into Prince George’s County and was able to secure extremely favorable financing with En- terprise Community Loan Fund.” n

a 4 4 - u n i t multifamily community i n Cap i t o l Heights. Greysteel’s Mid-Atlantic multifamily investment sales team

W. Kyle Tangney

led by Ari Firoozabadi, W. Kyle Tangney, Mike Be- diones, Alicia Orkisz and Herbert Schwat served as advisor and agent to Crest Partners LLC in the dispo- sition of Crest Apartments

Concord Twp., retirement retirement residence rendering

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