O wners , D evelopers & M anagers
M id A tlantic Real Estate Journal — Section C
www.marej.com
Roohan, Dean and Greenberg of CBRE represent seller Continental Realty Corp. sells 189-unit 101 North Ripley Apartments in Alexandria, VA for $50.1M
Hudson Atlantic Realty closes sale of Stratford, NJ Apts. HI-LIGHTS August 19 - September 15, LEXANDRIA, VA — Continental Realty Corporation (CRC ) has completed the sale of 101 North Ripley Apartments, a residential community consist- ing of 189 multifamily units in Alexandria, for $50.1 million. Situated near the intersection of VA Routes 236 (Duke St.) and 401 in the Washington, DC./Interstate 395 corridor, the asset was acquired by Wil- low Creek Partners , a DC- based real estate investment and management firm. CRC was represented by CBRE , led by Bill Roohan, Robert A
Northern Virginia region which has elevated the sub- market. Amazon’s HQ2 was announced in 2018 and is expected to bring 25,000 new jobs to the area in near future. In late 2021, it was announced that Landmark Mall, less than one mile from the site, is set to be transformed into a 51- acre state-of-the-art medical campus to include townhomes, senior living facilities, retail space and a new transit hub of- fering connections throughout the area. “Our team executed a great, value-add strategy at Ripley,” saidd JM Schapiro , CEO of Continental Realty Cor- poration. “We repositioned the asset into a high-quality, yet affordable housing option within a growing submarket. Our team elevated many of property’s physical elements and improved the resident experience with modern prop- erty management tools and a customer-first approach. 101 North Ripley serves as another great example of CRC’s team adding value for both the resi- dent and the investor.” MAREJ
Offering seven different floorplans among one-, two- and three-bedroom designs, 101 North Ripley Apartments is within close proximity to Old Town, Virginia and less than 10 minutes from Washington, D.C. Several years after ac- quiring the asset, CRC com- pleted an extensive property improvement program that 101 North Ripley Apartments
focused on the installation of new windows and sliding patio doors, renovation of common- area hallways and laundry rooms, and conversion of an under-utilized outdoor pool into a new parking lot with 45 residential parking spaces. In recent years, several high- profile development projects have been initiated in the
MONTVALE, NJ — Wal- ters is on track to begin con- struction of Cornerstone at Montvale during the second quarter of this year. The pre- mium income-restricted apart- ment community will sit on just over three acres on Sum- mit Avenue, near the Garden State Parkway and DePiero’s Farm Stand. The modern 25-unit, two- building residential develop- ment will feature LEED- and ENERGY STAR-certified de - sign and construction. The units will be split between two buildings, each two stories, with 15 units in one build- ing and 10 in the other. The property will have 55 parking spaces, and a bike shed will accommodate 18 bicycles. “Cornerstone at Montvale will bring a new level of af- fordable housing and services Dean and Jonathan Green- berg . 101 North Ripley Apart- ments, formerly known as Parkwood Court, was acquired in 2011 on behalf of CRC Fund III General Partner, LLC for $23 million. CRC purchased the property for $121,000 per unit and disposed the asset for $265,000 per unit.
3C
SPOTLIGHT
Montvale, NJ developer, Walters plans to build income-restricted community in North Jersey
ARCHITECTS/ ENGINEERS
5-8C
Evolution Energy Ptrs. is now Evolution Sustainability Group
6C
ALSO INSIDE
Jim Rickard, Withum.....2C Rick Hinson, PE, ECS Mid-Atlantic ........... 5C Landmark Science & Engineering...............7C People on the Move....12C www.marej.com
Cornerstone at Montvale
available upon request. Priority is given to residents whose incomes are at or below 60 percent of the area median income. Rental rates are based on the renter’s gross annual income, according to the rent/in- come requirements chart. MAREJ
Cornerstone at Montvale will offer several community spaces for residents to enjoy. Amenities will include a fit - ness room, playground and outdoor areas with seating and gas grills. A staffed social services coordinator will be
to families in Bergen County,” said Joseph Del Duca , part- ner and director of affordable housing for Walters. “Our use of environmentally friendly design will also promote the health and well-being of all who reside there.”
Made with FlippingBook Learn more on our blog