Real Estate Journal — Owners, Developers & Managers — February 22 - March 14, 2019 — 15B
M id A tlantic
O wners , D evelopers &M anagers Firm expands East Coast offices with addition of Cosby Greysteel sellsHighlandRidge Apartments in Maryland C APITOL HEIGHTS, MD — Greysteel has arranged the sale of
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H i g h l a n d Ridge, a 197- unit, multi- family prop- erty in Capi- tol Heights. Greysteel president & C E O , A r i Firoozaba- di ; managing director, W. Kyle Tang- ney ; senior inves tment a s s o c i a t e , H e r b e r t Schwat and inves tment a s s o c i a t e s ,
including GSEs, hedge funds, money managers, banks, pen- sions, insurance companies, and mortgage originators. Prior to joining Greysteel, Cosby has spent the last 10+ years in the global investment banking arena managing an institu-
tional sales team at Bank of America/Merrill Lynch and most recently he co-founded the independent broker-dealer Angel Oak Capital where he focused on Global Structured Products andMortgage Trading and Sales.
W. Kyle Tangney
Christian Alves and Dutch Seitz sold the property on behalf of the seller, Franklin Capital Group , and procured the buyer, Strategic Realty Holdings LLC . “Highland Ridge is the fourth Property we have closed in Prince George’s County in the last handful of months,” said Tangney. “Investors remain bullish on value-add multifam- ily opportunities in the County considering the area’s strong historical annual rent growth, relatively low basis compared to other DC MSA submarkets and pricing compared to re- placement cost considering today’s construction cost en- vironment. Our expertise in Prince George’s County coupled with our knowledge of active investors across the county, allowed us to secure the right Buyer looking to expand their holdings in the region.” In other Greysteel news, the company announced an East Coast expansion with the addi- tion of TC Cosby as director. Cosby has joined theGreysteel and will split his time between the firm’s Baltimore, Washing- ton DC and Manhattan offices. His focus will be serving the firms Institutional clients by providing property sales and JV Equity Placement services. Cosby will represent prop- erty owners in the acquisition, disposition and financing of multifamily properties as well as source JV equity for invest- ments along the East Coast. As a market leader in the financial services industry with over a decade of experience, Cosby has managed strong col- laborative institutional sales teams, covered multibillion dollar institutional clients,
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