www.marejournal.com M id A tlantic Real Estate Journal — January 12 - 25, 2018 — 23A Roohan, Dean, Greenberg, Leachman, and Ghamarian of CBRE represents seller The Donaldson Group & Angelo, Gordon acquire 569-unit apt. community inAlexandria, VA for $111M
LEXANDRIA, VA — The Donaldson Group (“TDG”) of Rockville, MD, and New York-based Angelo, Gordon & Co. (“An- gelo, Gordon”), the $28 billion alternative investment firm focused on credit and real es- tate investing, have acquired Cityside at Huntington Metro (“Cityside”), a 569-unit apart- ment community in Alexan- dria, VA, for approximately $111 million in cash. Cityside is conveniently located right outside of Old Town Alexandria, within walking distance to the Hun- tington Metro Station, just off I-495 (the Beltway), offering residents accessibility to a large variety of nearby dining and entertainment options. Cityside is comprised of four high-rise buildings built in 1968 and 1974. The apart- ments include a mix of spa- cious and well-appointed stu- A RICHMOND, VA — Stone- Bridge Investments of Washington, DC has acquired Copper Spring, a 366-unit apartment community in the prestigious West End submar- ket of Richmond, VA, for $54.2 million. The seller, an affiliate of Clarion Partners , was rep- resented by Eastdil Secured . Built in 1989 and extensively renovated in 2006, Copper Spring is located at 3301 Cop- per Mill Trace, just outside the Richmond city limits in Henri- co County. With its close prox- imity to I-64 and West Broad St., the community offers quick access to employment centers as well as shopping and en- tertainment options such as the 1.2 million s/f Short Pump Town Center. The property comprises 23 two- and three-story garden- style apartment buildings in a luxurious 30-acre wooded suburban setting. An unused 1.25-acre parcel on the site could be developed with ad- ditional residential density
Cityside and to add this North- ern Virginia property to our portfolio. It is a well-built as- set in an outstanding location with terrific upside,” said TDG president Carlton Einsel . “There was significant inter- est in the property and with our long-time partner, Angelo, Gordon, we were able to make an all-cash offer in conjunction with an accelerated due dili- gence and settlement period, thereby meeting the seller’s aggressive closing timeframe.” “Cityside has substantial growth opportunities. We have developed an intelligent, well- designed and cost-effective renovation, coupled with an engaged management team, dedicated to building relation- ships with our residents and providing them with superior customer service,” said TDG senior vice president John Majeski. “We truly believe in this growing market and plan Springs is poised to capture ad- ditional revenue gains through strategic unit and amenity renovations going forward.” “We are very bullish on Richmond’s fundamentals, and think its long-term pros- pects are strong,” added Kees Bruggen , managing director, StoneBridge Investments. “Led by a strong white-collar employment base, in combi- nation with reasonable living costs, short commuting times, and extensive cultural ameni- ties, Richmond continues to be an attractive live-work-play destination. We intend to re- main active in the Richmond market for the foreseeable future.” Copper Spring residents enjoy extensive onsite ameni- ties including two resort-style swimming pools and renovat- ed clubhouse with indoor and outdoor wi-fi, 24-hour tness center, business center, light- ed tennis court, racquetball court, grilling stations, gaming area with shuffleboard, play-
to take advantage of the tre- mendous opportunities.” “Cityside highlights Angelo, Gordon’s continued commit- ment to investing in and devel- oping high-quality apartment complexes across the U.S.,” said Christina Lyndon , managing director, Angelo, Gordon . “We are pleased to be continuing our strong partnership with best-in-class operator TDG.” The seller, an affiliate of The Carlyle Group , was represented by Bill Roo- han, Bob Dean, Jonathan Greenberg, Tom Leach- man , and Yalda Ghamarian of CBRE Capital Markets. TDG and Angelo, Gordon are working with David Webb and Maxi Thiels Leachman of CBRE Debt & Structured Finance Group to obtain fi- nancing that it expects to put in place shortly after closing on the acquisition. n ground, lounge area, and cof- fee bar. Individual apartment homes feature wood-burning fireplaces, balconies or patios, walk-in closets, exterior stor- age, separate dining rooms, and ensuite washers and dry- ers. Select apartments have vaulted ceilings, Palladian windows, and built-in book- shelves. The Richmond metropolitan area has attracted both mul- tinational and local corporate employers with its highly edu- cated population, low cost of doing business, and strategic location at the mid-point of the East Coast. A state capital that is just two hours from Washington, DC, Richmond offers stable Federal and state government jobs that employ about 17% of the total metro area workforce. Innsbrook Corporate Center, just three miles fromCopper Spring, has some 400 business tenants in- cluding Capital One, the area’s largest private employer with over 20,000 employees. n
Cityside at Huntington Metro
dios, one-, two-, and three-bed- room units. Amenities include a rooftop fitness center, rooftop lounge, outdoor pool and sun- deck, recently renovated out- door patio and grilling areas, playgrounds, and a dog park. TDG and Angelo, Gordon’s renovation plans include a re- configuration and moderniza- tion of the leasing center and lobby, enhanced signage, new
windows, common area and entryway improvements, ex- terior façade renovations and balcony railing replacements, enhanced landscaping, up- grades to mechanical systems, and interior unit renovations (including new cabinets, stain- less steel appliances, luxury countertops, upgraded floor- ing, and new bathrooms). “We are very excited about
Stonebridge Investments obtains 366-unit Richmond, Virginia apartment community for $54.2 million
Copper Spring
or amenities. Current rental rates offer a discount of about $500 per unit compared with newer multifamily communi- ties in the submarket. Copper Spring is Stone- Bridge’s first acquisition in Richmond, following its recent acquisitions of two apartment communities totaling 500 units in Atlanta’s Perimeter Center submarket. The new ownership plans to undertake strategic upgrades to the club-
house and other amenities, as well as some of the residences. “We were initially attracted to Copper Springs due to its proximity to large employ- ment centers, strong histori- cal operating performance, and legacy of high-quality institutional ownership,” said William Bateman , director, StoneBridge Investments. “We also believe that, given the open unit layouts and best-in- class amenity package, Copper
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