10C — January 21 - February 17, 2022 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
www.marej.com
O wners , D evelopers & M anagers
Tangney, Mathies, Schwat and Hultman represent the seller, New Market Investors Greysteel arranges the sale of Huntwood Courts, a 214-unit multifamily community in DC
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ASH I NGTON , DC. AND FAY- ETTEVILLE, NC
— Greysteel has arranged the sale of the following mul- tifamily properties: Huntwood Courts, a seven building, 214-unit multifam- ily community in the Dean- wood Neighborhood of NE Washington, DC has sold. Greysteel senior managing director W. Kyle Tangney , managing director Henry Mathies , director Herbert Schwat and director Fletch- er Hultman of the com- pany’s DC office represented the seller, New Market Investors , in the sale of the property to the Washington Housing Conservancy . Huntwood Courts was con- structed in 1951 and, after a substantial rehabilitation, was Placed-in-Service in 2001 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. The Initial Compliance Pe- riod expired in 2016 and the Extended Use Period expires in 2031. The property’s LI-
Huntwood Courts
Hunters Ridge
tion process effectively for our client and assist the pur- chaser in acquiring their first property inside the District of Columbia which has some nuanced regulations and re- quirements other markets do not have.” Greysteel has arranged the sale of a 2-building, 167-unit Multifamily portfolio in Fay- etteville, NC. The buyer was brought by associate Colton Luburgh of the Charlotte, NC office along with the help of asso- ciate PJ Coyne , and senior associate Hayden Davis .
The first property, Hunt - ers Ridge, is located at 522- 584 Lambert Street in Fay- etteville, NC. The property was built in 1990, maintains 60-units which are all two- bedroom layouts. The second property, The Villagio, is located at 710 Vil-
HTC restrictions are that 80% of the units are reserved for tenants making no more than 60% of the Area Median Income (AMI). The Property has more than 10 years of continuous ownership and is in a 2021 Qualified Census Tract. “I’m thrilled we were able to facilitate a transaction for our client with such a capable and well positioned purchaser in the Washington Housing Conservancy,” said Tangney. “In understanding both groups’ goals we were able to navigate the transac-
lagio Pl in Fayetteville, NC. The property was built in 2011 and is a class A Resort style property with 107 total units, comprised of one-, two- , and three-bedroom layouts. The Villagio sold at the second highest per unit price in Fay- etteville, NC history. MAREJ
The NRP Group opens Sawyer in Jersey City
DMR -designed town center in Hanover Twp., Pennsylvania underway
HANOVER TWP., NJ — Construction has begun on the first phase to transform 88
acres in the Wh i p p a n y area of Ha- nover Twp. into the DMR Architects - d e s i g n e d River Park Town Center, a downtown
Sawyer interior
Located at 39 New York Ave., Sawyer offers residences with spacious, open plan lay- outs, luxury plank flooring, custom closets with shelving, in-home washers and dryers and complimentary window treatments. The kitchens boast stainless steel appliances, white quartz countertops, a full-height tiled backsplash, and grey shaker-style cabine- try. Select residences include a den or private outdoor space. Community amenities fea- ture a rooftop terrace with sweeping views of Manhat- tan, BBQ and dining areas, clubhouse with a bar and lounge, state-of-the-art fitness center, children’s playroom, pet spa, and more. Additional conveniences include package concierge services, covered parking, electric charging sta- tions, bike storage, and compli- mentary shuttle service to the Hoboken PATH station. MAREJ
JERSEY CITY, NJ — The NRP Group has an- nounced the official opening of a 131-luxury residence collec- tion in Jersey City. The five- story building was developed in partnership with Hoboken Brownstone Company . The new offering features upscale studio, one and two- bedroom homes with monthly rents starting from the mid- $2,100s including grand open- ing incentives of up to two months free on a 14-month lease. Grand opening incen- tives include up to two months free on a 14-month lease. “We are thrilled for residents to begin making Sawyer their new home in Jersey City,” said Jonathan Gertman , vice president of development at The NRP Group. “This residen- tial building has given us the opportunity to create a unique living experience in a desirable and growing area.”
Francis Reiner
destination featuring 967 residential units, 80,000 s/f of retail, two 125-room extended stay hotels, an outdoor amphi- theater, and the completion of the Patriot Trail along the Whippany River. The first phase includes the construc- tion of building one of eleven, and will offer 81 residential units, a pool, a fitness center and community amenities. DMR’s plans for the first town center in Hanover Twp,’s 220+ year history will com- pletely transform the way that people and businesses interface with the area that is currently largely populated by corporate office campuses. “The creative challenge in Hanover was to design some-
River Park Town Center
thing that served a lot of functions that are completely new here while still preserv- ing the community character and existing physical and natural landscaping,” said Francis Reiner , redevelop- ment consultant and partner for DMR Architects. “This is a great example of pro-active municipal planning and place- making and the successful collaboration of a municipal- ity, developer, planners and architects. This project will promote smart growth with elements that will appeal to
residents, shoppers, employers and their staffs.” When completed, River Park Town Center will also feature more than 20 acres of public recreation space including an amphitheater and park, generous convocation areas for community engagement, and deck, curbside and surface lot parking options. More than 40% of the land will be left in its natural state. River Park Town Center will connect directly to Route 10 and 287/80 making it conve- nient to travel. MAREJ
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