O wners , D evelopers & M anagers
Real Estate Journal — Section B
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M id A tlantic
IRGINIA BEACH, VA — The Colliers International Mid- Capital Square 1031 purchases 229-unit community situated on 24 wooded acres Colliers Mid-Atlantic team represents seller in sale of Saltmeadow Bay, Virginia Beach, VA V without issue.”
completed. Renovated units offer market-leading finishes. G.S. (Hank) Hankins , senior vice president; Will Mathews , managing direc- tor; Charles Wentworth , senior vice president; Rawles Wilcox , senior vice president; Victoria Pickett , vice presi- dent; and Clay Ellis , associate, with the Colliers Mid-Atlantic team, represented the seller in the transaction. Community amenities in- clude a resident clubhouse, resort-style swimming pool, 24-hour fitness center, dog park, covered parking and ga- rages, gated community with controlled building access, on-site storage and concierge trash pickup. The 24-acre site surrounds the apartments in beautiful protected wetlands that provide a tranquil setting within the dynamic beach com- munity. “We are very pleased to work on another successful transac- tion with the multifamily team at Colliers,” said Whitson Huffman, senior vice presi- dent, head of acquisitions for Capital Square. “Their broad reaching capabilities and top- notch team allowed us to seam- lessly go from PSA to close
The prized location is in a three-mile radius of 4.1 million s/f of prime retail. Nearby are some of the region’s premium shopping destinations like The Shops at Hilltop and Whole Foods. Residents are also close to popular destinations like the Virginia Beach Aquarium, the Cavalier Hilton Hotels Autograph Collection, Ocean Breeze and the Virginia Beach Museum of Contemporary Art. “Runnymede has tradition- ally been a long-term holder of the properties we have de- veloped,” said Don Frederick, vice president/CEO of The Run- nymede Corporation. “Salt- meadow Bay was considered a highly prized, core asset for us. The design vision of community in harmony with nature came directly from our president, Andrew Fine. We had owned the land for this site since the 1940’s, and it truly cannot be replicated. The Colliers team convinced our ownership that the market was right for this transaction and worked with our management and staff along every step in the process. We are deeply grateful for their professionalism and assistance closing this deal.”
HI-LIGHTS S ept . 27 - O ctober 10, 2019 Atlantic Multifamily Advi- sory Group announced the sale of Saltmeadow Bay in Virginia Beach from The Run- nymede Corporation , based in Virginia Beach, to Capital Square 1031 , headquartered in Richmond, for $48.6 million. The 229-unit community is situated on 24 wooded acres with an easy one-mile walking and bike trail to the ocean. The Virginia Beach Oceanfront Re- sort District includes a three- mile boardwalk flanking the
Saltmeadow Bay
MANASSAS, VA — Matan Companies announced the closing of the purchase of 7413 Cushing Rd., Manassas, VA, a 13.56-acre property situated in the heart of Prince William County’s I-66 corridor. Located next door to FedEx Ground’s 175,000 square foot distribu- tion hub, the site offers excel- lent proximity to I-66 and over 1,000 feet of frontage along Prince William Parkway. Branded as “Parkway 66”, the state-of-the-art 187,787 square foot class A industrial building will feature a mini- mum 32’ clear ceiling height, tilt-up concrete construction, 40’x40’ column spacing, a 50’ speed bay, 120’ truck court, along with LED lighting and beach, which was named one of the top beaches in the country by Trip Advisor in 2018. The district is a hub of resorts, hotels, restaurants, retail and live entertainment, inviting residents to enjoy the luxury coastal lifestyle. Saltmeadow Bay was built in 2006. The community consists of four, four-story buildings with one-, two- and three-bed- room apartment homes rang- ing from 866 s/f to 1,598 s/f. All buildings offer parking and bike storage. Amenities include
electric fireplaces, washer/dry- ers, stainless steel appliances, shaker-style cabinets, granite countertops, walk-in closets, upgraded lighting, vinyl plank floors, and nine-foot ceilings. Owned, managed and devel- oped by a local family office, Saltmeadow Bay has been meticulously maintained yet offers significant investment opportunity for the new owner. Nearly 40 percent of the units remain in a classic state, al- lowing for additional added value when renovations are
SPOTLIGHT
ENGINEERS
5-7B
ENVIRONMENTAL/ GREEN BUILDINGS
9-10B
Matan Cos. settles on purchase of 13.56 acre development site in Manassas, VA
Avison Young brokers sale of historic Elkins Estate to Landmark
3B
Earth preforms geo- technical investigation for new Amerihealth corporate HQ
Parkway 66 rendering
an ESFR sprinkler system. Matan anticipates delivering the shell building in August 2020. Tenant improvements could commence as soon as May 2020. “With efforts underway in
earnest to begin construction, our team is excited to officially move this project to fruition,” said Brad Benna of the Matan Companies. “Given the region’s strong outlook, with Northern Virginia leading the way, we
couldn’t be more excited to kick things off in Manassas.” Matan Companies would like to thank Jones Lang La- Salle and Arlington Realty for their assistance with this transaction.
5B
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